Fashion and lifestyle startup, Absolute Brands and Retail, has successfully raised $2.5 million in its seed funding round. Capstone Ventures led the investment, with participation from a group of angel investors.
Founded this year by Vishnu Prasad, former MD and CEO of fashion and lifestyle retail chains Central and Brand Factory, Absolute Brands is actively establishing a network of in-house fashion apparel brands. The focus is on targeting both existing and new customer segments in the evolving market landscape.
Absolute Brands announced that the funding will be allocated towards establishing an offline retail presence for its inaugural brand, Big Hello. Additionally, a portion of the funds will be dedicated to technological innovation aimed at building an omnichannel presence.
The startup intends to open retail outlets in Bengaluru, Chennai, and Hyderabad within the next three months for Big Hello, a brand specializing in clothing for Indian plus-size customers.
In reference to the funding, Prasad remarked that the startup will actively pursue its vision of introducing multiple “distinctively targeted apparel brands.” These brands aim to meet the unaddressed needs of Indian customers, explore new market segments, and redefine the existing norms within the fashion industry.
Absolute Brands has articulated an ambitious objective to extend its brick-and-mortar footprint to 500 retail stores throughout India within the next three years. Concurrently, the startup is strategizing the launch of three new fashion brands.
Harnessing state-of-the-art technologies and establishing a comprehensive omnichannel shopping presence, the goal is to revolutionize the fashion shopping experience. This involves providing personalized solutions that align with individual preferences, values, and needs.
As disposable incomes rise and digitization expands, a multitude of fashion startups have emerged in the country in recent years. These startups aim to address unmet customer needs and seize a market share in the rapidly growing segment.
Earlier today, the men’s fashion brand Snitch successfully raised INR 110 Crores ($13.19 million) in a funding round co-led by SWC Global and IvyCap Ventures. The funding will be deployed to scale up talent and technology, along with the implementation of an offline retail strategy, as announced by the brand.
Continue Exploring: Snitch eyes offline retail expansion after raising $13.19 Million in Series A funding round
As per the analysis, the size of the fashion and apparel market was $20 billion in 2022, with a projected growth to $112 billion by 2030, representing a compound annual growth rate (CAGR) of 24%.
