India’s fashion market is a highly motivated sector with skyrocketing revenue. Thanks to high speed internet in urban spaces and disposable income of the millennials, report estimates the online fashion market to reach $12-$14 billion over next three years.
Fashion has eventually moved out from the designer stores in the posh lanes of South Mumbai and South Delhi and landed in a space accessed by everybody – internet. The digitalization of the business of fashion has been a boon for multiple start ups who understood the dynamics of Indian millennials and invested accordingly. From ecommerce of everyday wear to rental of expensive clothes and curated luxury, fashion sector in India has seen it all. Cut to 2017, a rough time for ecommerce when revenues are bleeding and fundings are tough, enters Rocknshop, a curated luxury specialist. With quite some heavy competitors in the market, Priya and Charu Sachdev founded Rocknshop two years back. Earlier luxury fashion was limited the metro cities of India mostly offline but this start up targeted aspirational shoppers, besides luxury shoppers.
“We wanted to have national consumer base through our online platform, thus making curated luxury easily accessible to customers in tier II and III cities who can afford to shop but don’t have direct access. Our USP is that exclusive brands and collections have been curated for Rocknshop,” Charu told Business Insider in an exclusive interview.
Even a decade back, luxury fashion would mean minimally designed boutique stores or few branded shops in big malls. However, things have changed when the millennials who can afford the clothes hardly have time to browse through collections and spend hours at stores.
“Our target customers are women and men within the age groups of 25-60 who are style rich and time-poor! Those looking for a quick easy good fashion fix visit our site for online shopping,” said Charu.
Rocknshop’s customers are broadly of two categories- customers who are well versed with luxury and only want the best and the latest in the fashion world and the other category are the aspirational shoppers who are used to buying high street brands and want to elevate their style to luxury fashion. And in this category peeps out the relevant buyers from smaller cities and towns in India.
And where does Rocknshop’s revenue come from? Rocknshop is a bootstrap start up. They raised $150,000 in seed funding from various high net worth investors. The money raised was used to enhance technology infrastructure, hire staff and get more luxury labels on the platform. And revenue wise, Rocknshop earns from commission on sales, marketing fees, photoshoot of the products from the brands and designers and advertisement – social, on page ads, and emailers.