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.
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