Online fashion retailer Fashion and You, which specialises in retailing premium brands to Indian shoppers and offers members big discounts, has just announced an investment of $8 million in the company by investment firm Sequoia Capital India.
Shailendra Singh, Managing Director, Sequoia Capital, said, “Fashion and You has quickly built over half a million members who are part of the private shopping club.” Over the years, Sequoia Capital has invested in other digital companies like Justdial, Shaadi.com and Quick Heal.
The investment in Fashion and You will go towards increasing the company’s product offering, strengthening its enterprise technology, expanding its distribution capacity and funding future growth initiatives.
Harish Bahl, Founder and Chairman of Fashion and You, said, “Fashion and You was the third to start in its category and is now a clear market leader in online fashion retail in India. With a premium partner like Sequoia now on board, we plan to be the sales platform for most high fashion brands in India, making at least 10 per cent of their sales by the end of 2011.”
Fashion and You Co-founder and CEO Pearl Uppal added here, “Fashion and You offers its consumers and clients pan-India marketing, retail and distribution platform for fashion and lifestyle brands. The investment from Sequoia Capital gives us the tremendous impetus that we require.”
The company started in January 2010, and in this short time is now one of the top e-commerce companies in India, and its growth has been mostly viral. The Facebook page has over 5.5 lakh followers.