High Street Essentials, the parent company behind popular women's fashion brands Indya and Faballey, has successfully raised ₹50 crore through a mix of equity and debt.
This funding round was led by Mrs Sangita Jindal, chairperson of the JSW Foundation, along with participation from various family offices.
Shivani Poddar, Co-Founder of High Street Essentials, highlighted that the new capital will be pivotal in fuelling the company’s ambitious expansion plans both domestically and internationally. "The US is a very big market for us. With this fundraise, we will continue to build our presence there, both through our online platform and by establishing a few select stores in the US and Canada. We already have a few stores in Malaysia, which are performing well, so we will consider further expansion there," Poddar stated in an interview with CNBC-TV18.
Domestically, High Street Essentials is focusing on major metropolitan areas as the initial targets for growth. "We are initially looking at metros like NCR, Bengaluru, Hyderabad, and Chennai. Following this, we will expand into tier-1 cities," Poddar explained.
The company’s Indya brand has witnessed a 35% year-on-year increase, while for the upcoming year, the company aims for a 50% growth rate. "International business is really big for us. The US, the UK, and Canada have substantial NRI populations that we cater to through our website. Additionally, we are opening several large stores, ranging from 3,000 to 5,000 square feet, across the country," Poddar added.
High Street Essentials is committed to making fashion from premium designers accessible to the masses. They collaborate with top Indian designers, who provide initial collections based on their unique aesthetics. High Street Essentials handles the manufacturing, marketing, and distribution, selling these collaborative collections under a joint name.
Watch the accompanying video for the entire conversation.
This funding round was led by Mrs Sangita Jindal, chairperson of the JSW Foundation, along with participation from various family offices.
Shivani Poddar, Co-Founder of High Street Essentials, highlighted that the new capital will be pivotal in fuelling the company’s ambitious expansion plans both domestically and internationally. "The US is a very big market for us. With this fundraise, we will continue to build our presence there, both through our online platform and by establishing a few select stores in the US and Canada. We already have a few stores in Malaysia, which are performing well, so we will consider further expansion there," Poddar stated in an interview with CNBC-TV18.
Domestically, High Street Essentials is focusing on major metropolitan areas as the initial targets for growth. "We are initially looking at metros like NCR, Bengaluru, Hyderabad, and Chennai. Following this, we will expand into tier-1 cities," Poddar explained.
The company’s Indya brand has witnessed a 35% year-on-year increase, while for the upcoming year, the company aims for a 50% growth rate. "International business is really big for us. The US, the UK, and Canada have substantial NRI populations that we cater to through our website. Additionally, we are opening several large stores, ranging from 3,000 to 5,000 square feet, across the country," Poddar added.
High Street Essentials is committed to making fashion from premium designers accessible to the masses. They collaborate with top Indian designers, who provide initial collections based on their unique aesthetics. High Street Essentials handles the manufacturing, marketing, and distribution, selling these collaborative collections under a joint name.
Watch the accompanying video for the entire conversation.
(Edited by : Vijay Anand)
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