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Flipkart to invest in USPL to enhance fashion portfolio
06 Nov '20
2 min read
Pic: Shutterstock
India’s Flipkart Group recently announced a strategic investment in USPL, a premium youth-focused fashion brand house, as the group strengthens its fashion portfolio. Through this investment, the group will work closely with USPL to deepen product offerings on its platforms. USPL has built a portfolio of premier youth-focused fashion brands.
Wrogn, USPL’s flagship brand, is one of the fastest growing men’s casual wear brands in India at scale and has been amongst the leading brands on Myntra over the last few years. USPL brands are also present in over 750 offline retail outlets in more than 100 cities across India, Flipkart said in a press release.
USPL has been growing at 40-50 per cent year on year (YoY). This is a Series F funding for USPL from the Flipkart Group along with participation from existing investor Accel Partners. This investment will significantly step-up the online strategy of USPL by strengthening the existing long-standing engagement between USPL and Flipkart.
“The last few months have provided a great opportunity for us to consolidate our market leadership among homegrown brands catering to the youth and expand our market share. Post pandemic recovery has been great for us and we are at ~80 per cent of pre-COVID sales. During the time when the world is moving towards omni-channel retailing, we can significantly strengthen our online strategy by working with Flipkart and Myntra, the two prominent players in the Indian online fashion space,” Anjana Reddy, founder and chief executive officer (CEO) of USPL, said.
Flipkart Group CEO Kalyan Krishnamurthy said: “USPL’s unique brands, backed by celebrity endorsements, have a strong appeal for the young fashion-driven Indian consumer. This investment will help USPL and the Flipkart Group find deeper synergies as we continue on our commitment to grow an ecosystem of partnerships that deliver value for consumers and brands.”
Wrogn, USPL’s flagship brand, is one of the fastest growing men’s casual wear brands in India at scale and has been amongst the leading brands on Myntra over the last few years. USPL brands are also present in over 750 offline retail outlets in more than 100 cities across India, Flipkart said in a press release.
USPL has been growing at 40-50 per cent year on year (YoY). This is a Series F funding for USPL from the Flipkart Group along with participation from existing investor Accel Partners. This investment will significantly step-up the online strategy of USPL by strengthening the existing long-standing engagement between USPL and Flipkart.
“The last few months have provided a great opportunity for us to consolidate our market leadership among homegrown brands catering to the youth and expand our market share. Post pandemic recovery has been great for us and we are at ~80 per cent of pre-COVID sales. During the time when the world is moving towards omni-channel retailing, we can significantly strengthen our online strategy by working with Flipkart and Myntra, the two prominent players in the Indian online fashion space,” Anjana Reddy, founder and chief executive officer (CEO) of USPL, said.
Flipkart Group CEO Kalyan Krishnamurthy said: “USPL’s unique brands, backed by celebrity endorsements, have a strong appeal for the young fashion-driven Indian consumer. This investment will help USPL and the Flipkart Group find deeper synergies as we continue on our commitment to grow an ecosystem of partnerships that deliver value for consumers and brands.”
Fibre2Fashion News Desk (DS)
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