Gurgaon-based company Luxuryhues.com which engages in luxury and lifestyle products retail, has raised $903,000 (Rs. 6 crore) from Reliance Capital and investment banker Ravi Viswanathan. The investment was made through a joint venture in which Reliance Capital and Ravi Viswanathan are equal partners, in order to launch a luxury eCommerce portal.
With this investment, Luxuryhues marks its entry into the online retail and fashion business. The upcoming eCommerce portal will sell a range of high-end clothing, accessories and home decor and utility items both from international labels and Indian designers. To differentiate its offerings, the company aims to offer EMI options to its buyers, made-to-measure products like watches and competitive pricing along with a control on supply logistics.
See Also: Is Luxury eCommerce Scalable in India?
Luxury Hues Group Consultancy Services (India) Pvt Ltd, which runs Luxuryhues.com was founded by Amit Dutta and Peter Raj Kapoor in 2009. The group also owns other entities such as multi-geography shopping property HighStreetLabels.com, luxury concierge service Quintessentially, and operates the India arm of Luxury Marketing Council, a trade group with chapters in more than 40 global cities. It also has a financial services subsidiary Financial Hues Pvt Ltd.
Luxury eCommerce in India has been explored as an opportunity by a very few players like Pernia’s Popup Shop, The Label Corp, VelvetCase, Bluestone, Elitify among others, it’s scalability at the moment still remains a question, since Indian eCommerce is still in early stage and the consumers are finally opening up to making high ticket size purchases online.