Men’s luxury fashion brand Louis Stitch has raised Rs 5 crore in a pre-Series A round from Bijli Group, the family office of Ajay Bijli, Founder of PVR Cinemas.
The new funding, which has come at a pre money valuation of Rs 100 crore, will be allocated to expand product lines, strengthen production & distribution capacity, and expand offline presence across India, the company said in a press release.
Founded in July 2019, Louis Stitch has a pan-India presence through its website and leading e-commerce platforms like Myntra, Amazon, Flipkart, and Nykaa. The company currently deals in luxury shoes and leather accessories and plans to launch luxury apparel series of polos, shirts, and trousers in the coming months.
The brand claims to have sold more than 1 million pairs of shoes. With the new product offerings, Louis Stitch is set to compete in an industry estimated to be Rs 3.3 trillion (appx) by 2027.
The company said that it has shown a year-on-year growth of 3X and has created a sourcing route of high-quality material from Argentina, Russia, Egypt, and Germany. It aims to create a Rs 100 crore top line in FY24.