Eddie Deng, Former Alibaba director and Google Chi Xue’s fashion startup Mayfair has raised funding from tier one investors in China & India from Nexus Venture Partners and CDH investments. This Gurugram based startup offers affordable fashion clothing, accessories and home, living products.
“We have faith in Mayfair team to strengthen its supply chain, expand product offerings and further improve fulfilment experiences to its customers after fundraising,” said Damein Zhang, Vice President of CDH Investments in a company statement. What more shocking is that this startup was launched in October 2018 and Mayfair has managed to raise that much amount in just five months. Generally, startups usually begin with less than $1million in around a years’s time since their launch before jumping onto Series A level.
Technology is certainly one of the key selling point for Mayfair. Unlike other traditional fashion brands, Mayfair uses big data to translate user demand along with lifestyle trend into actionable insights. “So our suppliers are able to turn them (insights) into unique design with good quality in a short turnaround time,” said Chi Xue, Co-founder, Mayfair.