HSE to expand premium occasion wear range with Rs 50 crore funds
Parent company of fashion brands Indya and FabAlley, High Street Essentials (HSE) has secured Rs 50 crore in equity and debt funds to expand its premium occasion wear range and establish its presence in the wedding wear market.
The funding round was led by Sangita Jindal, Chairperson, JSW Foundation with additional investors being the family offices of the SRF Group, Krishna Bodanapu of Cyient Technologies, and Timmy Sarna from Pure Home Living.
Indya has already forged strategic collaborations with renowned Indian designers such as Rohit Gandhi, Rahul Khanna, Varun Bahl, Ashish N Soni, and Nikhil Thampi. The brand currently operates 12 exclusive brand outlets in 8 cities and is available in 150 large-format retail outlets, including Lifestyle, Shoppers Stop, Centro, and Ethnicity. Its global footprint is expanding with a second store in Malaysia and other planned outlets in the US and South Africa within the next 18 months. However, the majority of Indya’s sales come from its international direct-to-consumer e-commerce business.
The brand is expected to register generate maximum growth from its international e-commerce business.It also plans to enter new markets and invest in on-ground branding and marketing initiatives. Additionally, Indya aims to achieve significant growth from its large wedding stores. It plans to open over 100 such wedding stores across the country over the next few years.
In this financial year particularly, the brand aims to set up 10 new wedding stores to capitalise on the $15 billion wedding wear market in India.
