Gurgaon-based startup Luxury Hues, a marketing consultancy and shopping venture for luxury goods has raised about $1 Mn (INR 6 Cr.) in a funding round from Reliance Capital and investment banker Ravi Viswanathan.
Luxury Hues was founded in 2009 by Amit Dutta and Peter Raj Kapoor. According to Dutta, co-founder of Luxury Hues, the portal will offer high-end brands at ‘the best wholesale’ prices. However, it won’t be a platform for top luxury brands such as Dior, Prada, Louis Vuitton or Gucci, but more for next-in-line labels that are ‘more affordable.’
Reliance Capital and Viswanathan already own minority stakes in Grover Vineyards and Sula Vineyards.
With an aim to bring in more high-street international fashion brands in the country, Viswanathan said, “The plan is to retail five to 10 brands here. I cannot disclose the exact numbers in terms of investment and shareholding, but we might put in anywhere between $40 and $100 Mn in different ventures.”
The startup will mainly target families who have an annual income of about INR 50 lakh and will offer EMI options with made-to-measure products like watches and competitive pricing & a control on supply logistics.
Reliance Capital is engaged in providing services around finance & investment, asset management, general insurance, broking businesses, consumer finance and asset reconstruction.
It also has an early-stage alternative investment arm called Reliance Venture Asset Management, which had recently invested in Bangalore-based Naffa Innovations Pvt Ltd.