FUNDING RETAIL EXPANSION NATIONAL
INDIA
By IFAB MEDIA - NEWS BUREAU - December 14, 2023 | 60 2 minutes read
Fashion and lifestyle startup Absolute Brands and Retail has successfully secured $2.5 million in its seed funding round, with Capstone Ventures leading the investment and contributions from several angel investors. Launched this year by Vishnu Prasad, the former MD and CEO of prominent fashion and lifestyle retail chains Central and Brand Factory, Absolute Brands is strategically developing a network of in-house fashion apparel brands, catering to both existing and new customer segments. The funding infusion is earmarked for establishing offline retail presence for its inaugural brand, Big Hello, and for technological innovation aimed at crafting an omnichannel footprint.
Absolute Brands intends to inaugurate retail stores in Bengaluru, Chennai, and Hyderabad within the next three months, focusing on Big Hello, which specializes in clothing for Indian plus-size customers. Vishnu Prasad emphasized that the startup will channel the funding towards realizing its vision of launching multiple "sharply focused apparel brands" that address unmet needs, tap into new segments, and challenge the prevailing norms in the fashion industry. The ambitious goal includes expanding its physical presence to 500 retail stores across India within the next three years. The startup also plans to introduce three additional fashion brands.
Leveraging cutting-edge technologies and establishing an omnichannel shopping experience, Absolute Brands aims to redefine fashion retailing by offering personalized solutions aligned with specific preferences, values, and needs. The surge in disposable incomes and the growing digitization trend have paved the way for numerous fashion startups in India, responding to the unmet needs of customers and vying for a substantial market share in this rapidly expanding segment.