XYXX Innerwear Receives 20 million from Sauce.vc's debut deal; Appoints Shoppers Stop's Ex-MD as Senior Advisor
XYXX Innerwear brand, received the first round of seed funding of 20 million from Sauce.vc, a venture capital fund focused on investing exclusively in early-stage consumer businesses. XYXX saw a monthly sale of one crore and is expected to double sales before July 2019. Also, Govind Shrikhande, former MD of Shoppers Stop has been appointed as senior advisor of XYXX.
Commenting on the funding, Manu Chandra, Managing Partner, Sauce.vc, says, “We are proud to back XYXX and Yogesh. We believe there is tremendous potential for a premium innerwear brand that can offer better quality at affordable prices in the growing mass premium segment. Omnichannel distribution presence and supply chain management will be the key strengths this team will build on”.
Aimed at an 18-40 year-old male audience, the brand places the cool, comfortable, and energetic youth of today at the centre of their product development, XYXX offers a wide range of comfortable and fashionable products using superior fabric such as MicroModal and Supima cotton at affordable prices. Their products are widely available online and also recently started retailing in multi-brand outlets in some regions.
“XYXX offers a wide portfolio of inner and loungewear products made from luxury fabrics in a variety of appealing designs and prints. I am thrilled to have partnered with industry stalwarts Mr. Govind Shrikhande and Manu Chandra whose deep understanding and experience will help us make XYXX as a successful premium brand in the inner wear and loungewear category, with a sharp focus on premium quality and affordability”, states, Yogesh Kabra, Founder & CEO, XYXX Apparels.
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