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High Street Essentials raises Rs 255 million in funding

May 20, 2021
High Street Essentials raises Rs 255 million in funding

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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