The Flipkart Group has announced investment in USPL (a premium youth-focused fashion brand house) to enhance its fashion portfolio and will work with USPL to expand product offerings on its platform.
This is a Series F funding for USPL from the Group and also had participation from existing investor Accel Partners. This investment will significantly step-up the online strategy of USPL by strengthening the existing long-standing engagement between USPL and Flipkart Group.
Speaking on this development, Ms. Anjana Reddy, Founder & CEO of USPL, said – “Over the years USPL has been the home to some of India’s best-known fashion brands for youth. The last few months have provided a great opportunity for us to consolidate our market leadership among homegrown brands catering to the youth and expand our market share. Post pandemic recovery has been great for us and we are at ~80% of pre-COVID sales. During the time when the world is moving towards omni-channel retailing, we can significantly strengthen our online strategy by working with Flipkart and Myntra, the two prominent players in the Indian online fashion space.”
Kalyan Krishnamurthy, CEO, Flipkart Group, said, “It is our constant endeavour to offer our customers a wide range of products that meet their sensibilities. USPL’s unique brands, backed by celebrity endorsements, have a strong appeal for the young fashion-driven Indian consumer. This investment will help USPL and the Flipkart Group find deeper synergies as we continue on our commitment to grow an ecosystem of partnerships that deliver value for consumers and brands.”
USPL was founded in 2015 and is present in both online and offline channels. USPL’s brand portfolio includes renowned youth focused brands, across men’s wear and women’s wear, like Wrogn (men’s casual wear brand), Imara (women’s ethnic wear brand), Ms.Taken (women’s western wear brand), Single (men’s casual wear brand) and Wrogn Active (men’s athleisure line).
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