BANGALORE, November 19, 2015 /PRNewswire/ --
Styletag.com, India's first online curated fashion and lifestyle startup, announced that it has raised USD 7.5 mn in angel funding from Jitu Virwani, Chairman & Managing Director, Embassy Group. The investment of the said amount has been made in his own personal capacity. Embassy is one of India's leading property developers with a track record of over three decades. Styletag.com, which makes luxury products accessible in the form of a flash sale model, caters to fashionistas who have an eye for style and avant-garde designs within an affordable range.
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The company will use the raised funds to further expand their range of private labels, acquire a medley of other designer brands and strengthen its team to complement their capabilities.
Speaking on this Sanjay Shroff, Founder & CEO, Styletag.com, said, "Technology innovation has always been at the forefront of our business. While we have grown exponentially since our launch, we are committed to inspiring our customers with superior lifestyle, through an engaging and enriching experience and by being ahead of the curve in the lifestyle and fashion segment."
Commenting on his funding of the Styletag venture, Jitu Virwani, Chairman & Managing Director, Embassy Group, said, "Similar investments have been carried out in the past from my end into projects that have been extremely fruitful. I find the startup e-commerce space a very exciting one and it is an extremely dynamic and upcoming market. Through similar investments, I want to encourage players in the startup space."
While drawing from wife Yashodhara and Sanjay Shroff's 20+ years' experience of founding and running Southern India's first-ever multi-designer luxury store 'ffolio', Styletag.com was created to trigger a liaison between the best of couture and affordable fashion and the millions of people based in and around smaller cities across the country. With a thorough understanding of the fashion quotient of both Indian men and women across age groups, Styletag.com offers fresh fashion every day, with a unique blend of ethnic and western wear.
In fact, Styletag.com foresees scaling up to 100 omni-channel models across major cities of the country in less than two years and becoming a prominent player in the fashion segment. While its brick and mortar presence will aid in brand building, the company aims to aggressively retail through online commerce to successfully reach out to style aficionados.
The company is looking to establish its Gross Merchandise Value of the equivalent to anywhere between USD 7 to 10 mn by the end of this year. Its current growth projections indicate that the company is soon to achieve the milestone of 1 lakh unit orders this festive season.
All the products at Styletag.com are hand-picked and provided to the shoppers through flash sales that are put up for a limited period. There is 100% authenticity on all merchandise being sold as it comes directly from the manufacturer, or a licensed agent, a retailer, or an importer. With a thorough understanding of the fashion quotient of both Indian men and women across age groups, Styletag.com offers fresh fashion every day, with a unique blend of ethnic and western wear.
About Styletag.com (Intrepid Online Retail Pvt. Ltd):
Based out of Bangalore and also currently operational in Delhi-NCR and Mumbai, Styletag.com was brought into existence in 2012 by Sanjay and Yashodhara Shroff along with three other technology professionals from the industry - Vivek SP (10 years of IT experience with Infosys), Prashanth HN (one of India's leading technology bloggers) and Soujanya Sreenath (Software engineer and web designer). This team of five identified a severe dearth in affordable and credible fashion available pan India, especially in Tier B and Tier C cities. Styletag was created to trigger a liaison between the best of couture & affordable fashion and the millions of people based in and around smaller cities across the country. Taking a cue from Sanjay and Yashodhara's first ever multi-designer luxury store in Southern India, ffolio, which has been operational for more than two decades since 1991, Styletag.com was simply a natural progression to gravitate towards the online medium.
About ffolio:
Founded two decades ago, in 1991, by Yashodhara and Sanjay Shroff, ffolio was the first ever multi-designer luxury store in Southern India. The store has been synonymous with some of the finest couturiers and craftsmen from the sub-continent and has acted as the launch pad for several of India's leading fashion personalities such as JJ Valaya, Jason Cherian, Anamika Khanna, Priyadarshini Rao and Ashish Soni to name a few. A pioneer in the Indian fashion industry, ffolio, over the years, has managed to etch a niche for itself in the luxury retail. It has been responsible for pioneering the concept of in-house fashion presentations, coffee interludes with leading fashion and style personalities, curated fashion and styling advice and co-branded fashion events, which have now become the order of the day in the world of fashion.
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