Gurgaon, March 19, 2019: Lifestyle brand Mayfair has raised $3.2mn in seed funding from Nexus Venture Partners and CDH Investments. Mayfair offers affordable fashion including clothing, accessories and home & living products. Mayfair understands costumer’s demand trends using data science and AI technology platform. The funds will be used to ramp up procurement and operations and to expand the team.
Mayfair was founded by Chi Xue (Data Science Head at ClubFactory, Ex-Google) and Eddie Deng (Director at Alibaba) in October 2018 at Gurgaon. The team comes with rich experience in supply chain management and data driven operations.
Pratik Poddar, Vice President, Nexus Venture Partners, said, “We are very excited to partner with Chi and Eddie. Mayfair’s data driven approach will enable making fashion affordable to the masses. We were very impressed that the founders were able to build an exceptional team across dimensions: data, tech, design, operations and supply chain”.
Damien Zhang, Vice President, CDH Investments, added, “It‘s a pleasure to partner with both Mayfair and Nexus in this transaction. We have faith in Mayfair team to strengthen its supply chain, expand product offerings and further improve fulfilment experiences to its customers after fundraising”.
“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, Co-founder, Mayfair.
India’s unstructured commerce market is very large. Majority of “Bharat” is consuming unstructured products in lifestyle categories from local vendors without a brand. Mayfair wants to provide a high quality affordable price range of products in that category for these consumers. This segment of e-commerce is value conscious but the category lends itself to higher margin and higher retention.