Exclusive: Kalaari-backed fashion e-tailer TheLabelLife gets new co-founder
The Label Corp Pvt. Ltd, which runs online fashion platform TheLabelLife.com, has promoted its creative head Yashika Punjabee as co-founder.
A branding, advertising and design professional, Punjabee earlier worked with Digitas Boston, McCann Erickson and ELLE DÃ©cor India, and also founded Groovy Two Shoes. She joined Label Corp in 2013.
The company also made a slew of senior level hires. It appointed Sonam Shah as lead for merchandising. Shah, who has experience in styling and merchandising, previously worked with Forever 21, Chemistry and GQ CondÃ© Nast.
The firm also appointed Tanya Kapoor as head of finance. Kapoor is a chartered accountant and has previously worked with consultancies such as KPMG and PricewaterhouseCoopers.
Besides, Vikalp Jambhulkar, alumnus of IIM Ahmedabad and IIT Bombay, joined the firm to head its marketing and strategy. He was earlier with Taskbob.
The Label Corp was founded by Preeta Sukhtankar in February 2013. She earlier worked with Celebrity Marketing Agency, MTV and Seventeen Magazine.
Sussanne Khan, interior designer and former wife of actor Hrithik Roshan owns some sweat equity in the company and raised $1.09 million from Kalaari Capital in 2013.
Subsequently, it raised around $500,000 more from undisclosed investors. The startup has more than 50 employees.
Earlier, the company had multiple platforms such as The Closet Label (with Malaika Arora Khan), The Home Label (with Sussanne Khan) and The Trunk Label (with Bipasha Basu). The firm integrated all three platforms into one—TheLabelLife.com—last year to consolidate traffic.
The fashion ecommerce segment in India is dominated by Flipkart, which owns fashion e-tailers Myntra and Jabong.
The fashion e-tailing market is likely to account for 35% of total online spending in India by 2020 and become the largest category ahead of consumer electronics.
Voonik, Yufta, StyleTag, Wooplr, Cloutloot and StalkBuyLove are among the fashion ecommerce startups that have received funding in the last six months.
Voonik raised $3 million (Rs 20 crore) in venture debt financing from InnoVen Capital last month. In June, it raised $20 million in a Series B round of funding led by venture capital firm Sequoia Capital.
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