Lux­ury Fash­ion Star­tups Dar­veys and Con­fi­den­tial Cou­ture Plan to Raise Funds

Both con­sid­er­ing to go global; Dar­veys also look­ing to en­ter lux­ury realty

The Economic Times - - Brands: Creating Desire - Anu­meha.Chaturvedi @times­group.com

New Delhi: Startup lux­ury fash­ion por­tals Dar­veys and Con­fi­den­tial Cou­ture are plan­ning to raise funds and are also eye­ing in­ter­na­tional ex­pan­sion, their founders said. Dar­veys.com is a mem­ber­sonly fash­ion por­tal founded in 2014, which sells cloth­ing and ac­ces­sories of sev­eral global brands, in­clud­ing Fendi, Jimmy Choo and Eremenegildo Zegna. Its founder Nakul Ba­jaj said the com­pany is eval­u­at­ing the op­tions avail­able with some strate­gic part­ners.

Ba­jaj said the com­pany broke even in De­cem­ber and is plan­ning to cross the .₹ 60-crore gross mer­chan­dise value mark in sales in the next fi­nan­cial ye- ar from In­dia. “Over the next quar­ter, we shall be adding six new brands, which are cur­rently not avail­able in the country. Also, we are launch­ing our kids sec­tion this quar­ter, which would mean adding around 20 de­sign­ers not avail­able in the country yet. Our 2017 year-end tar­get is achiev­ing over 1 lakh ac­tive mem­bers. We should be able to achieve the same a quar­ter be­fore the sched­uled tar­get timeline,” said Ba­jaj. Mem­bers on Dar­veys.com pay a one-time reg­is­tra­tion fee of .₹ 1,000. The com­pany is also look­ing at a foray into the lux­ury real es­tate mar­ket. “When we say lux­ury real es­tate mar­ket, we are specif­i­cally look­ing at de­signer lux­ury apart­ments in part­ner­ship with in­ter­na­tional lux­ury brands,” said Ba­jaj.

“We shall be look­ing to raise funds for our in­ter­na­tional ex­pan­sion plans next year. Our fo­cus in the be­gin­ning was to be fi­nan­cially stable by break­ing even oper­a­tionally and now that we have achieved it, we are look­ing at growth while be­ing a prof­itable com­pany at the same time,” Ba­jaj said.

Con­fi­den­tial Cou­ture is a por­tal founded in 2014, spe­cial­is­ing in the pur­chase and sale of pre­owned de­signer ac­ces­sories. From 4-5 sales trans­ac­tions a week dur­ing its launch years, the com­pany is av­er­ag­ing 10 trans­ac­tions a day and has added six new de­sign­ers since Jan­uary 2016.

“We are ag­gres­sively adding newer de­sign­ers and prod­uct cat­e­gories. We just re­cently launched men’s ac­ces­sories and watches. We are cur­rently de­vel­op­ing our app, and also adding dif­fer­ent and sim­pler pay­ment op­tions. For the sellers we are adding instant quo­ta­tions for their prod­ucts,” said Mehra.

Mehra said the funds will be used to scale up hir­ing, ad­ver­tis­ing, mar­ket­ing, to have more vis­i­bil­ity and deeper pen­e­tra­tion in met­ros, and tier 1 & tier 2 cities, for bet­ter cus­tomer care sup­port and in­creased au­toma­tion in the pro­cesses.

“We will also have strate­gic part­ner­ships with pre-owned por­tals for in­ter­na­tional ex­pan­sion,” she said.

On­line sellers in the lux­ury space are few and far be­tween in In­dia, and there have been con­cerns around au­then­tic­ity of the la­bels sold. Some lux­ury brands in In­dia op­er­at­ing through joint ven­ture or mar­ket­ing and dis­tri­bu­tion agree­ments have been quick to dis­tance them­selves from on­line fash­ion por­tals.

FILE PHOTO

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