Stylumia to expand Asian operations over the next 12 months
Fashion start-up Stylumia Intelligence Technology Pvt Ltd plans to expand into a number Asian countries including Japan, China, and Hong Kong to work towards reducing the fashion industry’s carbon footprint.
The business, which currently counts over 70 clients in the US, UK, India, and West Asia according to founder Ganesh Subramanian, plans to expand into Sri Lanka, Bangladesh, Nepal, Hong Kong, Singapore, Malaysia, Indonesia, Thailand, Japan, and China over the next 12 months. In order to facilitate this expansion, the business has appointed two directors of business development, Priya Sachdeva and Vonita Samtani. The two executives will be responsible for Asia-Pacific operations.
“Stylumia helps customers to reduce overstocking of unwanted inventory and carbon footprint to the tune of 60 million garments per year, a number which will increase further as we continue to scale,” Stylumia’s founder and CEO Ganesh Subramanian told BusinessLine. “We also grow revenue velocity of our customers by 25-50% and grow their profits by 30-40%.”
“We will exit March 2020 with an ARR [annual recurring revenue] of $1 million and are targeting to get to $10 million in ARR in the next two years, driven by our geographic spread, enhancement to our SaaS product portfolio and the visibility that we gain from our marquee international client roster,” said Subramanian.
Former Myntra COO Ganesh Subramanian founded Stylumia in December 2015 in Bengaluru after working on Myntra’s artificial intelligence fashion solutions. The business aims to increase sustainable production and business practices in the fashion industry, which is the second most polluting industry after oil.
By offering consulting to businesses, Stylumia helps them to create sustainable business strategies. Stylumia has three main products, the market intelligence tool Stylumia MIT; the fashion intelligence tool Stylumia FIT; and the fashion predictor bot Stylumia Apollo.
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