Uniworld Lifestyle Solutions Private Ltd, has launched MiraiStore, an online fashion and accessories store. The company has also raised an undisclosed amount of funding from Prem Kumar M, Chairman and Managing Director of Uniworld Logistics. The company claims that the funds raised will be utilized to scale up the operations, product development, improving logistics, backend systems and for marketing. The company also intends to launch its private label in the coming months.
Founded by Ram Bhamidi, Asha Shridhar, and Myntra.com co-founder Sankar Bora, MiraiStore is an online fashion retailer that offers lifestyle products and accessories targeted towards the young audience. MiraiStore has partnered with designers such as Divya Anand, Krishna Mehta, Manoviraj Khosla, Priyadarshani Rao, among others and brands such as FCUK, Jealous 21, Free Soul, Scullers, Ray-Ban, among others to provide denims, dresses, ethnic wear, jackets, jeggings, sarees, shirts, shorts, capris, sweaters, sweatshirts, tees, vests, tops, trousers and accessories.
MiraiStore currently has its own SKU, logistics and warehouses in Chennai, Mumbai, Bangalore and Delhi. The funding by Uniworld Logistics will also let MiraiStore get access to Uniworld’s supply chain logistics and warehousing. Uniworld Logistics currently serves over 400 destinations worldwide through 32 offices in 10 countries.
MiraiStore essentially competes with dozens of online apparel stores launched in last couple of months. It competes with online fashion retailers like Myntra.com, Styletag, Zovi.com and the India Today group’s bagittoday, which provide products from International and Indian designers. Recently, Flipkart also added apparel to its product catalog, we believe it’s only a matter of time before Flipkart starts offering Women’s apparel and other fashion related accessories and products.
We believe a lot of consolidation will take place in this industry in coming months. In fact, it’s already happening. Recently, we reported that Myntra had acquired Exclusively.in, the parent company of SherSingh.com. Fashionandyou.com, also recently acquired online fashion and beauty retailer Urban Touch for $30 million.