The Stylease looks to raise Rs 1 crore for expanding its fashion rental business
The Stylease plans to expand its luxury clothing rental business and is looking for an investment of around Rs 1 crore ($1.4 million) as it aims to grow by 25 percent this year.
Founded by Jheal Shah in 2016, The Stylease is expanding its business with its initial investment of just Rs 30 lakh. The business’ revenue for the 2019 financial year totalled Rs 10 lakh, Shah told Your Story. The business has counted around 2,000 customers to date and receives close to 5,000 website visits a month and aims to use an investment to expand its services moving forward.
The business works with a network of designers, dry cleaners, and logistics companies to have clothes redesigned to fit current trends, fitted for the customer, and delivered across the country. The business delivers across metros to Tier 3 locations and also allows customers in more rural areas to have their rental clothes fitted for them at a local tailor.
“We currently market heavily on social media and are doing smaller offline marketing initiatives by tying-up with other brands and companies,” Shah told Your Story about how the brand is increasing awareness about its services. “We also run AdWords campaigns as well.” Shah said she aims to de-stigmatise rental fashion, especially for the younger generation who may have less disposable income but no less desire to follow trends.
The Stylease offers a clothing rental service focusing on luxury occasion wear by over 100 brands such as Anju Modi, Mahima Mahajan, Sabyasachi Mukherjee, and Ridhi Mehra. Although the main focus is on Indian designers, the business also carries international western wear brands including Ralph Lauren and Hugo Boss. The business delivers across India and mainly caters to a male and female audience aged 25 and up.
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