India's Shapewear Surge: Brands Chase Growth, Secure Key Funding

The Shapewear Ascent

India's apparel market is undergoing a subtle but significant transformation as shapewear solidifies its position as a functional wardrobe essential. Consumers are increasingly seeking innerwear that offers both support and confidence, driving demand beyond seasonal fashion trends. Easy accessibility through quick-commerce platforms and amplified visibility on social media are reshaping purchasing habits, propelling shapewear from an occasional buy to a staple for younger demographics.

This persistent, all-season demand is compelling both established retail giants and emerging startups to expand their shapewear offerings. Reliance Retail, with its ownership of brands like Clovia and Zivame, alongside newer entrants, is prioritizing shapewear to capture young consumers and diversify revenue streams. The growing popularity of items like shaping tanks, control panties, and waist trainers is a clear signal of the category's ascent.

Funding Fuels Expansion

The expanding shapewear market is not just attracting consumers but also investors. December saw shapewear startup Underneat, founded by content creator Kusha Kapila, secure $6 million in pre-Series A funding led by Fireside Ventures. Noida-based Krvvy is reportedly closing follow-on capital from its existing investors, All In Capital and Titan Capital, a year after raising ₹6.1 crore in pre-seed funding. Invogue, a Delhi-based brand established in 2023 by Madhav Saxena, has also raised capital, with an announcement pending.

Saxena founded Invogue after observing a gap for comfortable, flattering, and confidence-boosting shapewear in India, particularly post-pandemic weight fluctuations. He noted a stark contrast with global brands like Skims, highlighting India's lagging conversation around body positivity and inclusivity in innerwear design. Brands are now working to offer products that cater better to diverse Indian body types, climates, and lifestyles.

Market Projections and Global Parallels

The Indian shapewear market was valued at $49.6 million in 2022 and is forecast to grow to $220.8 million by 2032, exhibiting a robust compound annual growth rate of 16.16%, according to a May 2024 report by Apollo Research. This growth trajectory mirrors the global success of brands such as Kim Kardashian's Skims and Spanx, which have transformed shapewear into a mainstream, investor-backed apparel segment through celebrity endorsement, inclusive sizing, and social-first strategies.

Companies like Clovia are enhancing their portfolios with a focus on precision sizing and compression levels, while Nykaa Fashion is accelerating growth for its lingerie brand, Nykd. The demand is notably strong in non-metro cities, with Krvvy reporting nearly half its revenue from these regions. Quick-commerce platforms have also facilitated rapid sales, demonstrating the category's potential for high-volume transactions.

Navigating Growth Hurdles

Despite the promising outlook, structural challenges persist. The apparel sector is notoriously difficult to scale, and the diverse body types across India require nuanced product engineering. Relying on online-first distribution presents risks of costly sizing errors, and offline expansion demands significant investment in staff training and inventory. These factors raise questions about long-term profitability and margin management.

Brands are actively working to destigmatize shapewear, positioning it as a tool for accentuating personal style rather than a necessity driven by body image issues. Invogue's founder, Madhav Saxena, likens it to 'makeup for the body'. Clovia's CEO, Pankaj Vermani, emphasizes the need for education, trial, and feedback-led design to make shapewear feel intuitive and everyday.