Fashion brand French Crown raises Rs. 8.6 crore from Velocity

Gujarat-based fast-fashion brand French Crown has raised Rs 8.6 crore ($1.04 million) over multiple tranches from a financial technology firm Velocity.

The brand will utilise the funds on expansion, developing new designs, and marketing.

Commenting on the investment, Ilesh Ghevariya, CEO of French Crown in a statement said, “With Velocity’s strategic partnership, we have achieved a significant milestone by becoming an Rs 100 crore bootstrapped brand, demonstrating our ability to grow in a highly competitive market. This partnership has enabled us to invest in strategic marketing initiatives, resulting in increased brand visibility across the globe.”

Atul Khichariya, co-founder of Velocity added, “I am thrilled that Velocity, as a growth partner, has been instrumental in fuelling 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.”

D2C (direct-to-consumer) fast-fashion brand French Crown was founded by the Ghevariya brothers in 2016. Currently, the brand claims to have a presence in over 90 countries with a 50 percent customer retention rate.