StyleAsh secures strategic funding from Klub to fuel growth, targets INR 8 crores revenue in FY 2024

StyleAsh secures strategic funding from Klub to fuel growth, targets INR 8 crores revenue in FY 2024
StyleAsh secures funding from Klub

StyleAsh, an online fashion brand backed by Klub, is on a trajectory to achieve significant milestones in the fiscal year 2024, capitalising on its unique position in the fashion market. Klub invested an undisclosed amount in StyleAsh earlier this year to boost its marketing ahead of the festive season. 

In 2019, StyleAsh identified a gap in the market for high street affordable global fashion tailored to the needs of the burgeoning working women segment in India. At that time, only a couple of major players were meeting this demand - Zara and H&M. Seizing the opportunity, StyleAsh was established in 2020 to cater to the style and quality-conscious consumers who sought up-to-date aspirational fashion.

The brand witnessed a remarkable surge in sales, recording a 150% increase in FY23 compared to FY22. The momentum continued into H1 FY24, where sales escalated by an astonishing 400% compared to the same period in the previous fiscal year. The brand’s Monthly Revenue Run Rate has soared to 5X in FY24 compared to FY23.

StyleAsh is currently achieving a Gross Merchandise Value (GMV) of over INR 50 lakhs per month in FY24, with the ambitious target of closing the year at a GMV of INR 1 crore per month in 2024. The FY24 sales target stands at INR 8 crores, and the company is gearing up for a 200% growth in the next fiscal year. The strategy includes intensified efforts in marketing, app development, supply chain improvements, and establishing an omni-channel presence.

Ashima Srivastava, co-founder and Managing Director at StyleAsh said, "Our journey has been one of innovation and responsiveness to the evolving needs of the fashion-conscious community. We recognized the gap in the market and seized the opportunity to provide working women with high street affordable global fashion. The impressive growth figures in 2023 is a testament to our commitment to quality, unique designs, and embracing technology to stay ahead in the dynamic world of fashion.”

Setting itself apart from competitors, StyleAsh's designs align with global fashion trends while incorporating unique elements that resonate with its clientele. Embracing technology for promotion and customer experience, the company plans to implement a 360-degree view of all products online, develop a user-friendly mobile application, and leverage social media platforms through influencers, YouTube stars, and bloggers.

Abhishek Arora, co-founder and CEO at StyleAsh commented on the announcement, "Our partnership with Klub is a pivotal milestone for StyleAsh, marking a significant chapter in our journey. This investment not only strengthens our financial foundation but also validates the unique position we hold in the fashion industry. Klub's support fuels our commitment to delivering aspirational fashion to our customers, and together, we are poised for remarkable growth. ”

StyleAsh specialises in providing customers with unique and aspirational fashion through combo sets, eliminating the need for customers to style individual looks. The company follows a "test and repeat" model, producing small batches of various styles to quickly identify best-selling pieces and scale production efficiently.

Initially established as a direct-to-consumer (D2C) brand, StyleAsh entered the marketplace arena by going live on Myntra in August 2023. The brand plans to onboard other relevant marketplaces in H2 FY24 and FY25 as part of its scaling strategy and also establish an omnichannel presence for broader market reach. 

Also covered on StartupNewsFYI and Fashion Network.

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