The funding will be utilised to expand French Crown’s international presence
Bengaluru: Gujarat-based fast-fashion brand French Crown has raised Rs. 8.6 crore over multiple tranches from a financial technology firm Velocity, the retailer said in a press release. The funding will be utilised to expand French Crown’s global reach.
“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,” said Ilesh Ghevariya, chief executive officer of French Crown.
“This partnership has enabled us to invest in strategic marketing initiatives, resulting in increased brand visibility across the globe,” Ghevariya added.
D2C (direct-to-consumer) fast-fashion brand French Crown was founded by the Ghevariya brothers in 2016. Currently, the company has a presence in over 90 countries.
French Crown claims to be launching over 200 designs each week. ”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,” said Dhavdip Ghevariya, co-founder of French Crown.
The startup also claims that it has a 50% customer retention rate vs the industry average standard of 28.2%.
Bengaluru-based Velocity offers revenue-based financing services to fuel the growth of D2C e-commerce businesses. Founded in 2020, the company has funded over 3,500 companies as of today.
“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,” said Atul Khichariya, co-founder of Velocity.
