XYXX Apparels Pvt Ltd, the parent company of XYXX Innerwear brand, announced the first round of seed funding of 20 million from Sauce.vc. Sauce.vc is founded by private equity veteran and consumer angel investor Manu Chandra. Govind Shrikhande, ex-MD of Shoppers Stop has joined XYXX as a senior advisor.
XYXX Innerwear is a premium men’s innerwear and loungewear brand which is rapidly gaining traction with the Indian consumer. It offers a wide range of comfortable and fashionable products using superior fabric such as MicroModal and Supima cotton at affordable prices. XYXX products are widely available online and have recently started retailing in multi-brand outlets in some regions. XYXX observed a monthly sale of one crore and is expected to double sales before July 2019.
Manu Chandra, Managing Partner, Sauce.vc said, “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.”
Yogesh Kabra, Founder & CEO, XYXX Apparels Pvt Ltd said, “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.”
Govind Shrikhande, ex-MD, Shoppers Stop and Advisor, Sauce.vc said, “I am very happy to partner with a young challenger brand like XYXX. The innerwear category is ripe for disruption by new home-grown brands. Yogesh and team are building a sound and scalable business with a deep understanding of textile and apparel manufacturing and supply chain. I look forward to contributing in this journey.”
