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Online jewellery startup Melorra has raised US$ 12.5 million capital to invest in technology and branding to achieve a fourfold growth in revenue in the next 18 months.
According to a PTI report: The company is bullish on online jewellery demand as customers continue to hesitate to visit physical stores in the wake of the COVID-19 pandemic, Saroja Yeramilli, Founder and CEO, Melorra said.
“The fresh US$ 12.5 million capital will help invest in technology, branding and hiring,” she told PTI.
The company, which sells contemporary lightweight jewellery, had clocked a revenue of Rs 100 core in the last fiscal.
“We will achieve a fourfold revenue growth in the next 18 months and become EBITA positive by this time frame as we are making money from each transaction,” she said.
The startup firm is gearing up for launching a campaign to promote its brand after raising the fresh capital in the Series-C round.
So far, the company has raised US$ 36.5 million capital in total.
Yeramilli, who launched the startup firm in 2016, said gold comprises almost 85 percent of the jewellery market and 50 percent of its orders come from smaller towns and cities.
Inspired by the international fashion trends, the company is targeting millennials by offering them lightweight jewellery for daily use, she said.
“We launch new ranges very quickly and manufacture a product only when an order is received. We don’t keep inventory.
“With the help of 3D printing technology our mould cost is also negligible,” Yeramilli added.
Q4 FY21 revenue grew by 14% with marginally positive like-to-like store sales. This was driven by strong recovery across the channels and increased footfalls in the stores. It was further aided by continued traction in the online channel, the company said in its earnings statement.
The company works closely with global sustainability focussed organizations like Sustainable Apparel Coalition (SAC), Canopy, Zero Discharge of Hazardous Chemicals (ZDHC), Changing Markets Foundation, Textile Exchange, WBSCD, Fashion for Good, Global Fashion Agenda, amongst others to continually apply best practices in its global operations and across its value chain.
The sportswear segment in India, like many other fashion segments, is undergoing a remarkable change of perception as well as evolution. A noticeable change in the Indian sportswear industry is that it’s becoming increasingly organised; and modern retail is picking pace in small cities too, much to the delight of brands, suppliers and retailers of sportswear and sports lifestyle products.
Fast Retailing Co., Ltd., parent company of global apparel retailer UNIQLO, has announced that it is providing urgent support worth approximately Rs 220 million (around U.S. $3 million) for those affected by this crisis. Fast Retailing will donate 100 million rupees to two highly respected non-profit organizations, GiveIndia and the Akshaya Patra Foundation. In addition, plans are underway to provide more than 600,000 UNIQLO AIRism masks to frontline workers.
With positivity being the driving philosophy, the collection offers an extensive range of creations in Whites on White, with soothing tonalities as a perfect fit for the summers. Including sustainable fashion as a key element, the collection has range of LivaEco and also includes Workwear Dobbies, offering fashionable yet comfortable workwear options to the modern Indian women.
Dr. Gary Adams, President of the U.S. Cotton Trust Protocol said: “Tesco is committed to playing a leading role in sustainable solutions for consumers across the world/ UK, and we are proud to be supporting them in this ambition. Collaboration is key, as with each member that joins, we have greater resources to help provide tools and knowledge to not only help U.S. growers improve their sustainability practices but to also give more brands and retailers the supply chain confidence they need.”
Ankita Roy, Retail Analyst at GlobalData, comments: “The APAC countries are catching on to the fashion trends with growing awareness of international brands through digital media platforms. Collective factors such as economic growth, fashion awareness and increasing propensity to consume offer significant growth opportunities in womenswear and menswear sales in the APAC countries, especially India and China. To capitalize on this, both domestic and international retailers must launch aggressive market strategies.”
Speaking on the launch, Manish Singhai, COO, Peter England said, “Innovation and comfort have always been a prominent part of our ethos. We are excited to launch our spring summer collection ‘The Antiviral* Linen Project’ which is the need of the hour. Our team has strategically curated the whole range of these premium linen shirts to offer class and elegance with the unflinching promise of comfort to our consumers. Our ‘Easy On You’ campaign not just seeks to redefine the fashion this summer but also advocates the notion of making easier and comfortable choices for oneself. Through this campaign our objective is to make Peter England the ‘go to’ option for high quality linen shirts in unbeatable styles and colors, offered at unmatched competitive prices.”
The Lenzing Group has extended its fibre identification technology to TENCEL™ branded lyocell and modal fibres, solidifying its commitment to providing supply chain transparency along the entire textile production process. The successful launch and feedback from the industry on the system used for LENZING™ ECOVERO™ branded fibres, as well as the growing number of wood-based cellulosic manufacturers, encouraged Lenzing to further expand the technology for the TENCEL™ brand to ensure traceability of its products, the company said in a statement.
The concept of fashion newness in the digital platform economy has begun to extend beyond product to include content and experience. Fashion newness can be embedded in the storytelling surrounding the items. For Gen Z, the emotions associated with newness can emerge through conversation and connection with peers, the report says. “The increase of online secondhand fashion platforms is an example of the growing demand for propositions that marry value with values: community with an intuitive user experience; affordable prices with sustainability; sustainability with newness; and newness with a network of like-minded buyers and sellers,”it adds.
When asked to elaborate on the business model and innovations undertaken in light of pandemic pressures on the business, Narsinghani explained, “In our case, adding a digital team as a permanent element in the company was a strategic move. Even after the lockdown and pandemic is over, the team will remain an integral part. Adding more services and prospects on the digital and technological aspects made us more reachable to our consumers. With the help of digital technology, now I can do the developments online; by selecting the designs and producing the one which I understand will work. I can fit the product on the digital avatar today instead of looking or waiting for a model.”
“Specifically, on omnichannel, our dream run continues. During the quarter, we did the first phase of the upgrade of the home page and continued to add new brands. We also improved our fulfilment parameters by changing the allocation logic which improved the Turnaround Time. We are investing heavily in this channel and have begun the second phase of the upgrade of our App, with a complete redesign of UI/UX, analytics and personalization,” Nair informed.
“We have been closely monitoring the digitalisation of the textile industry since the launch of the TENCEL™ brand. Even before the pandemic, we have witnessed exponential growth of consumer dynamics across digital platforms. On our TENCEL™ brand website, we have witnessed an increase of nearly 50% traffic over the past year. The number of engagements on our social pages also recorded an increase of 870%. With the launch of the eShop, along with our exciting consumer programs, we hope to provide a one-stop platform for consumers to embrace sustainability every day,” added Weghorst.
Just as athleisure, another fashion category that has registered huge demand in the wake of pandemic-infused lockdowns, is sportswear. It is one the very few categories in apparel that was fast selling even in the pandemic. With mini lockdowns and shutdowns making a comeback in India, consumer movement will yet again be limited. As a result, demand for comfortable yet stylish apparel that can be worn in the comfort of homes is expected to rise again rapidly, leading to sportswear and athleisure gaining ground even more post the lockdown. Being at home for weeks on end, consumers are responding by stocking up on yoga pants, joggers, hoodies and sneakers in large numbers and varieties.
Commenting on the brand extension, Rashmi Shukla, Business Head, Jaypore said, “Jaypore is excited to enter the menswear category, and bring to it a freshness of design, crafts and fabrics. Menswear by Jaypore is an amalgamation of the rich heritage of India and the modern elements of essential wear.”
The retailer plans to continue serving customers at their doorsteps via multiple channels – www.bata.in, marketplaces, Home delivery, Bata Store-on-Wheel mobile kiosk activation in residential areas and Bata ChatShop WhatsApp shopping with same day delivery promise from nearby stores.