Fashionandyou.com to get Rs 300 crores funding boost

Flash fashion website Fashionandyou.com has attracted 50 million dollars or Rs 300 crores in funding, through a fresh round led by US-based investment fund Morgan Creek Capital. The e-tailer also got 10 million dollars from Vip.com, China's largest flash sale retailer listed on the NYSE, where Morgan Creek Capital is an investor. Fashionandyou's existing investors Sequoia Capital and Norwest Venture Partners, among others, are also expected to participate in the latest funding round.

Smile Group, which owns and operates flash sale site Fashionandyou, has undertaken restructuring of its business model to give aggressive competition to the rival online fashion platforms. After refurbishing Fashionandyou’s look and merchandise, the group is in the process of changing the business model of its group buying site DealsandYou as a part of restructuring exercise. It has also pulled shutters on its online footwear store BeStylish.

The group's e-commerce revival bid will be largely driven by Fashionandyou, with support from its lifestyle brand Freecultr and online fashion jewellery shop Juvalia & You.