FableStreet completes two years of successful operations Announces record surge in business
New Delhi, 10th September 2018: FableStreet (FS), premium women work wear brand recently announced a record growth in business and two years of successful operations. Founded by Ayushi Gudwani, an IIM Calcutta alumnus, FableStreet has grown from strength to strength and is targeting 3x growths this year after experiencing a 30%+ QoQ growth in the last seven quarters.
FableStreet was conceptualized with the idea to solve the basic issue faced by Indian women with regard to finding good quality and well-fitted professional wear in India. The brand strengthened its standing in the market by acquiring a seed round of funding from angel investors, namely, Kanwaljit Singh (MD Fireside Ventures, former MD Helion Ventures), Harmeet Bajaj (Fashion Multipreneur, 25+ years in International and Domestic Fashion Industry), Pameela P (Sr. Director at Unilever), Fusiontech ventures and select other investors in the consumer, retail and tech space.
Commenting on this achievement, Ms. Ayushi Gudwani, CEO of FableStreet said, “We have surpassed our own expectations when it comes to growth of business and we hope to continue building our brand at the same pace. Our vision is to become the most sought-after professional wear brand for Indian women domestically and globally. Our average order size at present is at least twice of other online platforms and our returns currently are in early single digits.”
She further added, “We currently engage with over a million women online every month and have served close to 25,000 customers since our launch. We now plan on venturing into producing accessories and other categories of products that professional women need. We are also inclined towards entering the offline retail market through no-inventory concept stores in metros along with focusing on expansion in India and international markets.”
FableStreet as a unique business model of offering custom fits with only 3 body measurements online, that too as cheap price points, which is exciting for their international customer base. They are the only brand, globally, offering “Our style your fit model”
The company has grown almost 20 times compared to their first month sales in the last two years and proudly receives 50% of their business from repeat customers at present. Within a short span of time, FableStreet has created quite a stir in the corporate world by offering standout quality products and achieving minimum exchange/returns along with higher profit margins in terms of metrics that are unheard of in the apparel and e-commerce industry.
For further their expansion, FS will aim to raise the second round of funding for the brand next year. They also collaborated with known designer Nandita Basu to launch a limited edition capsule work-wear collection and are in the process of launching their second edition of designer work wear with her. They hope to see a 100 % growth in their revenues in the coming year and increase their international sales by 300%.
The brand now aims to be recognized as a socially conscious organization and hopes to provide employment to a large set of women from economically challenging backgrounds. From a business perspective, the company's objective is to attain a significant chunk of the organized 10,000 crores worth of western work-wear market in the years to come.