Chinese fashion label Mayfair raises $3.2 M in seed funding

New e-commerce entrant Mayfair has raised $3.2 million in seed funding from Nexus Venture Partners and CDH Investments. The company plans to use the fresh funding raised to ramp up its procurement, operations and strengthen the team.

Gurugram-based Mayfair offers affordable fashion including clothing, accessories, home and living products. Founded by Chi Xue and Eddie Deng in October 2018, the company claims that it uses data science and AI technology to understand customer’s demand trends.

“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 unique design with good quality in a short turnaround time”, said Chi Xue in a press statement.

The fashion and lifestyle industry in India is pegged at $100 billion and growing at a CAGR of 8-10 percent offline. The segment 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 organised retail market.