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The women's lingerie market is in a state of redesign.

A host of direct-to-consumer e-commerce brands, including Lively, ThirdLove and True&Co., have entered the $12.4 billion space in recent years while existing players expand to reach new customers: Late last month Target debuted a trio of inclusion-minded in-house lingerie labels. The rush of newcomers is also affecting Victoria's Secret, the L Brands-owned company that controls a hefty 28 percent of the industry, according to Ibis World, which is struggling with sales declines, marketing criticism and store closures.

"It's long overduesuch a vast category, but only a few players have been dominating it," says Michelle Cordeiro Grant, who founded New York-based Lively three years ago. She notes that historically, women have considered bra shopping a chore, but that there is opportunity to challenge the perception of "need" to "want" and grow the category. "It's not just taking market share, it's creating market share," she says.

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