Fashion And You Secures USD 8 Million From Sequoia Capital India
Fashion And You, an exclusive online luxury sales website announced that it has secured funding worth USD 8 Million from Sequoia Capital India. According to the company this funding will go towards growing its product offering, expanding distribution, strengthening enterprise technology and funding its future growth initiatives.
There has been plenty of buzz surrounding group buying ecommerce ventures this year. FashionAndYou.com which launched in January 2010, was receiving more than 10 lakh visitors a month as of September 2010, and has over 550,000 fans on its Facebook page. In general, the Apparel and accessory space has been doing particularly well. Earlier Axel Springer acquired a 19.1 percent stake in BagitToday.com. While another exclusive shopping site Exclusively.In got 2.8 million USD from Accel Partners and Helion Ventures.
Fashion and You is a part of part of a Global Brand Alliance of Private Sales Clubs which has a presence in 8 markets across the world. Its members get upto 80% off retail prices for luxury brands across fashion apparel, accessories, footwear, watches, jewellery, fragrances and home décor.
Mr. Shailendra Singh, Managing Director, Sequoia Capital India, said “We are delighted to partner with the founders and management of Fashion and You, who have quickly built Fashion and you into the leading online retailer of premium fashion brands in India with over half a million members who are part of the private shopping club. We are confident that the company will strengthen its position as a frontrunner and continue to grow rapidly even as this space witnesses rapid growth.”
Harish Bahl, Founder and Chairman, Fashion and You said, “Fashion and You was the third to start in its category & is now a clear market leader in Online Fashion Retail in India. The core strength of the organization has been the team and the partners that we have. We are overwhelmed by the response that we have got from our consumers and how our teams and partners have made this otherwise very complex to scale model, work so efficiently. With a premium partner like Sequoia now on board with us, we are even more confident of achieving our initial goal of being the sales platform for most high fashion brands in India contributing to at least 10% of their sales by end 2011.”
Pearl Uppal, Co-founder and CEO, Fashion and You said, “Fashion and You offers its consumers and clients a pan-India marketing, retail and distribution platform for fashion and lifestyle brands. We believe we are creating a shopping revolution in India and the investment from Sequoia Capital gives us the tremendous impetus that we require right now to leap into a growth spiral. We have committed to deepening our partnership with brands in delivering a world-class direct to consumer marketing and distribution platform, helping brands build a pan national footprint.”
Other terms of the deal and the valuation of Fashion And You were not disclosed. Things are certainly looking up in the niche ecommerce space!