Fashion And You Secures $8 Million from Sequoia Capital India
Invitation-only Private sales site, Fashion And You has secured $8mn from Sequoia Capital India. Fashion and You partners with high fashion and luxury brands across fashion apparel, accessories, footwear, watches, jewellery, fragrances, home décor, and holds private sales events for these brands.
Fashion and You is backed by Group Buying Global AG (owns Gilt Groupe and several private sales site across 8 countries).
Very recently, Accel Partners invested $2.8million in Exclusively.in, an ecommerce site that sells high-end Indian fashion products to US.
What’s your take on Sequoia’s $8mn bet on FashionAndYou?
Here is the Press Release (hint: look at Facebook fan mention!!)
New Delhi, December 8, 2010: Fashion and You, India’s leading online private sales website today announced that Sequoia Capital has invested USD 8 Million in the company. This investment will go towards growing the company’s product offering, strengthening its enterprise technology, expanding its distribution capacity and funding future growth initiatives.
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.”
Fashion and You launched its retail operations on January 15, 2010 and within 10 months of its launch, has established itself not only as India’s #1 Online Fashion Retail Company but also amongst the top ecommerce companies in India. In line with the growing emphasis on social commerce globally, brand Fashion and You’s growth in India has largely been viral. Fashion and You’s Facebook page is one of the leading Facebook pages in India with over 550,000 followers. For many fashion and lifestyle brands, Fashion and You has already become the largest retail avenue in India.
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