High Street Essentials raises Rs 255 million in funding
The fund will be utilised for expanding the brands’ Direct-to-consumer (D2C) footprint domestically and internationally. The parent company of fashion brands, FabAlley and Indya, had raised Rs 207.4 million in June 2020.
New Delhi
High Street
Essentials (HSE) – the parent company of fashion brands FabAlley and Indya – has
raised Rs 255 million in a round of funding led by its existing investors
Elevation Capital, India Quotient, Dominor Holding and family offices. The fund
will be utilised for expanding the brands’ Direct-to-consumer (D2C) footprint
domestically and internationally.
The Delhi-based
fashion house relies heavily on technology and will use the new capital to
continue strengthening in the area to deliver a stellar customer experience.
The company plans to add more personalised solutions to proprietary web and app
products. It will be expanding the brands’ presence with global eCommerce
conglomerates.
Additionally,
HSE plans on bringing into effect a 30-day mind-to-market production
turn-around similar to global fashion leaders such as Zara and Boohoo. For
this, the brand will be working on in-housing key production processes such as
printing and embroidering and make its supply chain more agile.
HSE was started
in 2012 by Shivani Poddar and Tanvi Malik. A pioneer in fast fashion in India,
it is among the first Indian fashion retailers to have a robust omnichannel
retail model. The fashion house targets the modern Indian women of today and
has brands such as FabAlley, Indya, Earthen by Indya and Indya Skin Care under
its wings.
The company had
raised Rs 207.4 million in June 2020 and reported gross revenue of Rs 1.8
billion in FY20. During the first wave of COVID-19, the brand introduced
categories such as fashion masks, loungewear, and formal keyboard-up
dressing options. The online presence also grew and strengthened with the
current online revenues accounting for over 50% of total revenue.
Source – BW Disrupt
Image Source: FabAlley LinkedIn Page
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