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Luxury Couture raises $7.5 mn in preliminary funding
12
Nov '15
One of India's fastest growing apparel and accessories brand, Luxury Couture Private Ltd, has recently raised $7.5 million preliminary investment for 10 per cent equity in the company, raising its valuation to $75 million. East Coast-based W&B Venture Capital Inc. has bought 10 per cent equity in the company, Luxury Couture said in a press release.

The New Delhi-headquartered company claims that in a very short period, it has caught the attention of global investors who keep an eagle eye on return on investment from both domestic and international markets.

Luxury Couture sells all kind of dresses, footwear in USA and India. The preliminary funding would be utilized essentially to enhance the company's outreach through marketing and technological intervention. Apart from this, these funds will be used for operational and logistic expansion, the release said.

Luxury Couture aims to become online market leader with adequate (25-30 pe cent) market share within the next two years.

The promoters of the company including Piyush Saxena (Director) and Raghvender Kumar (Director) are global entrepreneurs. Luxury Couture's financial performance is very promising and its revenue was up by 20 per cent in the last financial year. Last year, the company had turnover of Rs 8.72 crore and, in the current fiscal (FY15-16), the company is expected to touch Rs 75 crore, which is a 50 per cent growth.

"Preliminary funding would enhance our operational efficiency and outreach. We believe that the speed at which a customer receives an online purchase plays a very important role in how that customer thinks about shopping online again in the future; so at www.luxecout.com, we have put a lot of focus on making sure the items get delivered to our customers as quickly as possible," Saxena said. (SH)

Fibre2Fashion News Desk – India

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