SUMMARY
The D2C fashion brand offers ethnic and fusion wear collections and consistently launches new designs
The Origin Story
The rise of designer apparel never fails to lure aspirational buyers, but the crazy pricing of couture puts them off, according to Priyanka Kankaria, a fashion enthusiast and a shopaholic. It also means high-end fashion can only cater to 1-2% of the Indian population who are the upper class and the ultra-rich. Spotting this white space, Kankaria, who used to work for her family-owned brand, persuaded her husband Vikram to join forces and democratise fashion. The couple launched Fashor from a 300 sq. ft garage to bring a designer-like apparel line at a fraction of the cost.
The Differentiator
Fashor offers an eye-popping range of ethnic and fusion wear immersed in the country’s heritage crafts and artisanal excellence. It launches new designs every day and offers stunning lines of daily and office wear, party and festive outfits, and wedding and luxe collections. The brand has warehouses in Jaipur and Bengaluru and works closely with artisans specialising in traditional prints (batik, bandhani, ikat, ajrakh and hand block print), embroidery and intricate crafts (phulkari, gota patti, zardozi, zari work and more).
The Growth
The brand mostly sells its products through its website and mobile app, but it is also present on fashion-focused marketplaces like Myntra, Ajio, and Nykaa. It retails offline through an exclusive brand outlet (EBO), large-format retail (LFR) and multi-brand outlets (MBOs). Soon, its products will be available in Shoppers Stop and Lifestyle stores across Tier II and III cities. Fashor recorded 75% YoY revenue growth in FY23, with a gross revenue of INR 150 Cr and a net revenue of INR 90 Cr.
What’s Next
Fashor plans to launch a premium wear collection in 2024, with prices ranging between INR 4K and INR 10K. It will also expand its product categories by including western wear and accessories. The brand will set up more EBOs and partner with leading LFR players and MBOs to push offline growth aggressively. The aim is to grow as an omnichannel business that offers a high-quality, designer-like fashion label at affordable pricing.
