Home / Knowledge / News / Fashion / Luxury apparel etailer Grana raises $3.5 mn more
Luxury apparel etailer Grana raises $3.5 mn more
18
Feb '16
Hong Kong-based Grana (grana.com), an online clothing retailer creating luxury fabrics and wardrobe essentials at guilt-free prices, has announced securing an additional $3.5 million in seed funding.

The lead investor is Golden Gate Ventures, along with investments from MindWorks Ventures and Bluebell Group, bringing their total funding to date to $6 million, with additional Series A funding pending. Grana recently launched in the US market, and the additional funding will help the brand continue its international growth and expansion, the company said in a press release.

Grana claims it offers timeless wardrobe essentials created from fabrics found around the world, including Chinese Silk, Mongolian Cashmere, Irish Linen, Japanese Denim, Peruvian Pima Cotton, French Poplin, Chinese Cotton Twill, Italian Merino Wool and Japanese Chambray. Grana designs its merchandise in-house and works directly with fabric mills in order to bring the highest quality clothing to customers at the best possible prices.

Grana has grown extensively since its March 2014 beta launch, during which the brand sold 2,000 Peruvian Pima Cotton t-shirts in three weeks, shipping to eight countries directly from Hong Kong. Month-over-month sales are currently increasing by 40 per cent since Grana launched in October of 2014.

The new round of funding will expand Grana's shipping to new markets as well as aid the entry into the American and Chinese markets. The funds will play a critical role in new product category launches such as leather goods, undergarments and activewear.

“We're pleased to receive financial backing from Golden Gate Ventures and MindWorks Ventures,” said Luke Grana, CEO and co-founder of Grana. “The support is critical to our US expansion, a priority market that already represents 20 per cent of our global sales. This new investment allows us to further disrupt the online clothing market and provide consumers with luxury-quality wardrobe essentials without the luxury price point.”

Since its launch, Grana has brought a number of “Fitting Rooms” to consumers across Sydney, Singapore, and Hong Kong, and mostly recently opened a US location in San Francisco in December 2015.

Designed as a showroom instead of a retail shop, customers can experience the brand personality in the space, interact with Grana Cheetahs (customer service representatives), and discover the website. Retail showroom spaces are increasing in popularity, and Grana's Fitting Room model is helping to lead this global trend. The new funding will also allow Grana to open additional Fitting Room locations in the US and provide support for a technological upgrade to the shops, reinventing the way people buy clothes in-store.


Must ReadView All

Pic: Shutterstock

Textiles | On 18th Feb 2020

Turkey, Pak want to raise bilateral trade volume to $5 bn

Turkey and Pakistan want to raise bilateral commercial and economic...

Pic: Shutterstock

Apparel/Garments | On 18th Feb 2020

Bangladesh RMG exporters expect order shift from Cambodia

Bangladesh's readymade garment (RMG) exporters feel the suspension of ...

Pic: Shutterstock

Textiles | On 18th Feb 2020

IMF says Indian economic environment weaker than projected

There is an urgent need for more ambitious structural and financial...

Interviews View All

Top executives, Textile & apparel bodies

Top executives
Textile & apparel bodies

The mid-term review of FTP is progressive, growth oriented

Smith Vaghasia, Sanado India

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Top executives, Textile industry

Top executives
Textile industry

It will take some time for the people to change their buying choices

Iacopo Pardini,

Iacopo Pardini

Founded in 1953, Italian engineering company Arioli Spa started...

Urmil Arya,

Urmil Arya

Sushila International, a well established textile organisation established ...

Riddhi Jain,

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Prof Seokheun (Sean) Choi, Binghamton University, State University of New York (SUNY)

Prof Seokheun (Sean) Choi
Binghamton University, State University of New York (SUNY)

A team of researchers from the State University of New York (SUNY),...

Robert Erichsen, Statex Produktions & Vertriebs GmbH

Robert Erichsen
Statex Produktions & Vertriebs GmbH

Statex Produktions & Vertriebs Gmbh, founded in 1978 and headquartered ...

Sachin Pendharkar, Dieffenbacher India Pvt Ltd

Sachin Pendharkar
Dieffenbacher India Pvt Ltd

Germany-based Dieffenbacher Group is a producer of high-quality composites ...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

Seema Agrawal, Artisan Saga

Seema Agrawal
Artisan Saga

Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...

Akta Adani, India Boulevard

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search