Chinese fashion label Mayfair raises 3 million in seed funding

Chinese E-Commerce company Mayfair has raised 3.2 million in seed funding from Nexus Venture Partners and CDH Investments. Mayfair has plans to use the fresh funding to ramp up its procurement, operations and strengthen the team. 


Mayfair which is based out of Gurugram offers affordable fashion including clothing, accessories, home and living products. Founded by Chi Xue, Eddie Deng in October 2018, the company claims that it uses data science and AI technology to understand consumer demands.



“Unlike other traditional fashion brands, Mayfair uses big data to translate user demand along with lifestyle trend into actionable signals, so our suppliers are able to turn them into a unique design with good quality in a short turnaround time”, said Chi Xue in a press statement.

Currently, the fashion and lifestyle industry in India is pegged at $100 billion and growing at a CAGR of 8-10 percent offline. 

 

It is estimated that the industry is projected to grow by 15-20 percent over the next four years, from the current 4 percent. 

 

Further, the Indian fashion market is currently estimated at $70 billion, of which only 25 percent is the organized retail market.

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