French Crown Raises INR 2 Crore From Velocity
The brand plans to expand its market and reach around INR 1500 crore in sales by 2024
French Crown, a D2C menswear brand, has raised INR 2 crore from Velocity, a revenue-based financier. The French Crown is a team of dynamic designers, stylists, craftsmen and tech experts who market menswear with a unique style.
"Our business model is unique in the sense that we launch more than 200 designs every week. This is possible due to our direct relationship with multiple textile mills and fast inventory turnover which enable us to refresh our range regularly as opposed to once in six months like most other brands," said Ilesh Ghevariya, co-founder, French Crown.
French Crown's designs and quality is widely accepted in international market. With an annual rate of INR 72 crore, the business is currently profitable with a net margin of 20 per cent. The brand plans to expand its market and reach around INR 1500 crore in sales by 2024, claimed the company in a statement.
"The revenue numbers, inventory turnover and deadstock ratio of French Crown are simply staggering and unheard of in the fashion industry. We hope to work with the brand for the foreseeable future as they continue their phenomenal growth trajectory and deliver on their vision of making in India for the world," said Atul Khichariya, co-founder and COO, Velocity.
Founded in 2016 by Bhavdip and Ilesh, French Crown is a premium fashion brand that sells over 3000 stock keeping units ranging from suits and shirts to boxers via their website. The brand today has its presence in 84 countries and generates over 60 per cent of its revenue from outside India, as per the statement.
The value of the global menswear market is estimated to be around $600 billion in 2022 and is expected to be $740.98 billion by 2025.