Premium shopping marketplace, Rock N Shop, has raised $150 K (INR 1 Cr) from high net individuals.
Rock N Shop has closed this round of funding with the support of Enablers, a web-based platform connecting and facilitating fundraising transactions between startups and investors.
The company also plans to raise more capital in this financial year ahead, to fuel further growth and ramp up operations.
Rock N Shop will be allocating the raised capital towards enhancing its technology infrastructure, hiring talent and increasing the number of luxury labels on its platform.
Presently, Rock N Shop offers a curation of 62 iconic brands including names such as Victoria Beckham and Céline & Oscar de la Renta. With this round of funding, it targets taking this number to 200 over the next 12 months.
Related Article: Funding Galore: Startup Fundings Of The Week [5 October-10 October]
Market Size & Target Market
According to Interbrand, a global branding consultancy, luxury retail brands are worth as much as $23 Bn. Although India’s share of the global luxury market is a paltry 1 to 2%.
A study by ASSOCHAM and YES Bank depicted that the Indian luxury market is pitted to grow at 25% till 2015 and is expected to touch $15 Bn.
Luxury brands have always fascinated consumers due to their quality, status and appeal. A consumer purchasing a Louis Vuitton, Hermes, Gucci or Dior product is no doubt influenced by brand’s rich lineage, heritage and the years of mastery.
Rock N Shop’s primary target market comprises luxury connoisseurs in the age bracket of 25 to 50 years, residing in tier 1 and 2 cities of the country.
Besides, Rock N Shop is growing into many categories such as beauty, kids and home décor with premium and luxury fashion being the strongest vertical.
Rock N Shop has a robust business model and immense potential in an economy with growing disposable incomes and a preference for luxury.
With enormous spending power and desire to rub shoulders with the wealthiest coming from tier 2 and 3 cities, the number of the uber rich is rising rapidly in India.
However, to cater to the desire for premium lifestyle products in these geographies where brick and mortar stores are not feasible, the online shopping destination is the ideal way.
The portal has exclusive tie-ups with a number of premium luxury brands such as Céline, Bibhu Mohapatra, Marchesa, Charlotte Olympia, Clover Canyon, Sophia Webster and many more.
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