Fast-Fashion Brand French Crown Raises INR 8.6 Crore to Expand Global Reach

• ByStartupStory     |    June 22, 2023

Gujarat-based fast-fashion brand French Crown has secured INR 8.6 crore in funding over multiple tranches from financial technology firm Velocity, according to a press release. The funding will be utilized to support French Crown’s expansion into international markets.

French Crown’s achievement of becoming a bootstrapped brand worth INR 100 crore through its strategic partnership with Velocity marks a significant milestone for the company in a highly competitive market. “With Velocity’s strategic partnership, we have achieved a significant milestone by becoming an INR 100 crore bootstrapped brand, demonstrating our ability to grow in a highly competitive market,” stated Ilesh Ghevariya, CEO of French Crown.

The funding received from Velocity has allowed French Crown to invest in strategic marketing initiatives, leading to increased brand visibility worldwide. Ghevariya added, “This partnership has enabled us to invest in strategic marketing initiatives, resulting in increased brand visibility across the globe.”

French Crown, a direct-to-consumer (D2C) fast-fashion brand, was founded by the Ghevariya brothers in 2016 and has already established its presence in over 90 countries. The company prides itself on launching more than 200 designs each week, staying ahead of the competition, and maintaining a loyal customer base. “Our ability to launch over 200 designs every week allows us to stay ahead of the competition and maintain a loyal customer base. Our commitment to offering something new has solidified our position as a leader in the industry while debunking the notion that fast fashion compromises quality or value,” explained Dhavdip Ghevariya, co-founder of French Crown.

With a customer retention rate of 50% compared to the industry average of 28.2%, French Crown has demonstrated its ability to build lasting relationships with its customers.

Velocity, headquartered in Bengaluru, specializes in providing revenue-based financing services to fuel the growth of D2C e-commerce businesses. Since its establishment in 2020, the company has funded over 3,500 companies.

Atul Khichariya, co-founder of Velocity, expressed excitement about the growth of French Crown and the role played by Velocity in supporting its success. “I am thrilled that Velocity, as a growth partner, has been instrumental in fueling the remarkable success of French Crown. By incorporating eco-friendly materials, adopting ethical manufacturing practices, and prioritizing transparency in the supply chain, French Crown has emerged as an influential force in conscious fashion,” stated Khichariya.

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