Fashion and lifestyle startup Absolute Brands and Retail, founded by Vishnu Prasad, the former MD and CEO of popular retail chains Central and Brand Factory, has successfully secured $2.5 million in its seed funding round. The investment was spearheaded by Capstone Ventures and included participation from various angel investors.
Established just this year, Absolute Brands is on a mission to build a network of in-house fashion apparel brands that cater to both existing and untapped customer segments in the market.
The freshly acquired funds are earmarked for establishing an offline retail presence for Absolute Brands’ inaugural label, Big Hello. Additionally, investments will fuel technological innovations to develop a robust omnichannel strategy, enhancing the startup’s overall market reach.
Big Hello, designed specifically for Indian plus-size customers, is set to open retail stores in Bengaluru, Chennai, and Hyderabad within the next three months. Vishnu Prasad envisions creating multiple “sharply focused apparel brands” that not only address the unmet needs of Indian customers but also redefine and elevate the fashion industry’s standards.
Absolute Brands has set an ambitious goal of expanding its physical presence to 500 retail stores across India in the next three years. Simultaneously, the startup plans to introduce three new fashion brands, leveraging cutting-edge technologies and an omnichannel shopping experience.
The company’s mission goes beyond just selling clothes; it aims to provide a personalized shopping experience that aligns with individual preferences, values, and needs. With a vision to reshape the fashion shopping landscape, Absolute Brands is poised to play a pivotal role in the evolving dynamics of the industry.
The funding news from Absolute Brands comes at a time when several fashion startups are emerging to meet the evolving needs of customers in a market that has witnessed a surge in disposable incomes and increased digitization.
In a parallel development, men’s fashion brand Snitch recently secured INR 110 Crores ($13.19 million) in a funding round co-led by SWC Global and IvyCap Ventures. Snitch plans to utilize the funding to scale up its talent and technology while also implementing an offline retail strategy.
Market analysis indicates that the fashion and apparel market reached $20 billion in 2022 and is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 24%, reaching $112 billion by 2030.
