D2C Fast-fashion Brand French Crown Raises Rs 8.6 Cr From Velocity
French Crown, a Gujarat-based D2C fashion brand, has raised $1.04 million (Rs 8.6 crore) over multiple tranches from revenue-based financier Velocity.
As per the startup, the freshly raised funds will be used for developing new designs as well as improving market understanding.
French Crown | D2C Fast-fashion Brand
Founded by Ilesh Ghevariya and Bhavdip Ghevariya, French Crown is a D2C fast fashion brand that claims to launch 200 designs each week. The D2C fast fashion brand has a presence in over 90 countries.
Speaking about the brand, Dhavdip Ghevariya, Co-founder of French Crown, said,
”Our ability to launch over 200 designs every week allows us to stay ahead of the competition and maintain a loyal customer base. Our commitment to offering something new has solidified our position as a leader in the industry while debunking the notion that fast fashion compromises quality or value.”
As per the co-founders of French Crown, Ilesh and Bhavidip, with Velocity’s strategic partnership, the fast-fashion brand has become a Rs 100 crore bootstrapped brand, enabling it to invest in strategic marketing initiatives, resulting in brand visibility across the globe.
The fashion brand claims it has a 50% customer retention rate vs the industry average standard of 28.2%.
Commenting on the development, Atul Khichariya, Co-founder of Velocity, said,
“I am thrilled that Velocity, as a growth partner, has been instrumental in fueling the remarkable success of French Crown. By incorporating eco-friendly materials, adopting ethical manufacturing practices, and prioritizing transparency in the supply chain, French Crown has emerged as an influential force in conscious fashion.”
Velocity is a revenue-based financier working with a vision to be the easiest and fastest way for new-age businesses to raise growth capital. The firm provides revenue-based financing, up to Rs 4 crores, for marketing and inventory spending of online businesses.
In April 2023, Menhood, a men’s grooming brand, raised Rs 2.35 crores over multiple tranches from Velocity. A month prior to that, Velocity invested in Off Duty, a Mumbai-based direct-to-consumer (D2C) apparel brand. Earlier in January, Delhi-NCR-based D2C brand D’chica raised Rs 1.62 crore from Velocity.
As per a report by Shiprocket, D2C brands in India are estimated to become a $60 billion industry by FY27. Recently, Gro Club, a D2C kids subscription platform, raised Rs 4.3 crore in funding at a valuation of Rs 25 Crore.
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