The family office of Ajay Bijli, the creator of PVR Cinemas, raised Rs 5 crore for men’s luxury fashion label Louis Stitch in a pre-Series A round.
According to a press release from the company, the new funding, which has a pre-money valuation of Rs 100 crore, will be used to grow product lines, improve production and distribution capabilities, and increase offline presence across India.
Louis Stitch, which was founded in July 2019, is present across all of India thanks to its website and top e-commerce sites like Myntra, Amazon, Flipkart, and Nykaa. The business primarily deals in high-end leather goods and shoes, but it also has plans to introduce a line of high-end polos, shirts, and trousers in the near future.
More than a million pairs of shoes, according to the brand, have been sold. Louis Stitch will be able to compete in a market that is anticipated to be worth approximately Rs 3.3 trillion by 2027 thanks to its new product offerings.
The company claimed to have experienced a 3X increase in growth year over year and to have established a route for obtaining premium materials from Germany, Argentina, Russia, and Egypt. In FY24, it plans to generate a top line of Rs 100 crore.
