Own your ambition, share your access

Founder and Chief Energy Officer of Monrow Shoes, Veena Ashiya strives to take the Indian footwear industry to the next level. With over 15 years of corporate experience, she brings a vast knowledge base of the fashion and lifestyle industry to the platform. A thought leader keen to change the current status quo in the industry, her unwavering perseverance and relentless pursuit of goals have enabled her to unlock several impressive achievements. An optimist by nature, she has created a healthy, enriching, and agile work culture where the entire team believes in celebrating small wins. She shares her attitude to success, advice to women entrepreneurs, and more…

Corporate Citizen: You are holder of a Master's degree in fashion management from NIFT, Bengaluru, and a fashion aficionado-turned- entrepreneur, why did you decide to set up Monrow Shoes and Accessories?

Veena Ashiya: Monrow was born on the streets of New York. This was when I was working for Versace and Tommy Hilfiger. While working there, I realised that the heels were very uncomfortable to wear, even though they were fashionable. That is what made me realise the need for having fashionable footwear that provides utmost comfort. Also, I have had a long steady dream of having a brand of my own and that was how I decided to start a fashion label of my own known as Monrow Shoes. Monrow shoes are perfect for women who love fashion and cannot compromise on comfort.

CC: Starting with a seed fund of Rs 3.5 crore, Monrow Shoes achieved a Rs 40 crore turnover in just a span of five years. To what do you attribute this impressive success?

Monrow is a rising star in the women's footwear industry, known for its stylish and comfortable vegan shoes. The brand has quickly gained a following, thanks to its unique USP and data-driven strategies that have led to the perfect product- market fit. With an impressive 10x growth since its launch in 2019, it has cemented its place as one of the most successful new-age brands in the space. Through our tier 2 strategy, Monrow Shoes and Accessories has become the highest sales generator per square foot in modern offline retail options such as the Future group. We take pride in our 72 retail stores across multiple channels, including Shoppers Stop, RIL Centro, RIL Trends and V-Retail Centro.

CC: Can you briefly take us through the journey – the key challenges and victories?

As a woman, I have faced and overcome numerous challenges, including the burden of preconceived notions about women's abilities. It is often assumed that women are best suited for roles in design or marketing, but my strengths lie in the finance sector, which is where I have chosen to focus my career. I refuse to believe that women cannot be successful solo founders, despite the societal belief that we cannot have it all.

CC: What need does Monrow fill in the market?

Monrow has cracked the best product- market fit and hence provides the most fashionable shoes that are also very comfortable. Monrow’s footwear is tested on 30,000 Indian women’s feet to provide the best fit and finesse. The brand is also committed to ethical and sustainable fashion, making it a leader in the movement towards a more responsible and conscious fashion industry. All the Monrow footwear is vegan and the packaging too is sustainable.

CC: Previously, you were associated with globally renowned organisations such as Tommy Hilfiger and Versace. What are some of the key takeaways for you from this experience?

The best learning from Tommy Hilfiger was from consumers as it is the most profitable premium brand in India. The sheer understanding of the Indian audience really helped the brand. I have learnt that brand is an experience and not just the product. For example, the champagne served at the Versace event would be served at a particular temperature. The brand was so careful about the overall experience.

CC: At the company’s helm, you are responsible for overseeing the finance and marketing departments and fundraising. Give us a glimpse into these roles.

In terms of fundraising, we ensure we get in touch with the right investors who align with the brand vision and in the finance department the objective is to take advantage of the high gross margin business we run and also run the profit and loss across all the distribution channels. I am also closely involved in the product as I myself test the shoes and ensure a woman can take 10,000 steps a day comfortably in the Monrow shoes.

CC: Your designation also describes you as chief energy officer (CEO). What exactly does this title encompass and how does it enhance the workspace?

My designation is chief energy officer and passionate founder. Passion certainly pays off; through Monrow Shoes and Accessories, we want to show the world that if one is passionate about what they want to achieve, success and monetary returns will follow. I, as a founder, played at my strengths of marketing and finance and followed my passion of having a brand of my own. Similarly, at the company level, we enable all the team members to play to their strengths and hence, they are able to perform to the best of their capabilities.

CC: Your company secured a second round of funding in just seven months, becoming the first women’s footwear brand to do so. How was this achieved?

Our data-driven strategies have played a crucial role in its success, allowing the company to gain insights into how each product is performing and make informed inventory decisions to maximise sales potential. The brand's emphasis on brand loyalty has also contributed significantly to its success, with nearly 30% of the company's direct-to-consumer revenue over the last six months coming from repeat customers. The brand’s impressive progress drew the attention of existing investors, prompting them to double their investment.

CC: What are your goals for the future?

To become the most talked about fashion brand of India. Monrow also aspires to become the incubator for the most ambitious women ever.

CC: If there’s one adage to describe your attitude to success, what would it be?

Entrepreneurship can be a rollercoaster ride, and it takes a lot of hard work, dedication and effort to build a successful business. But when an entrepreneur is passionate about their work, they can overcome the hurdles and keep pushing forward. During my entrepreneurial journey, I realised that passion acts as a painkiller because it helps entrepreneurs to stay in the game longer and give more effort. Think about it – if you're passionate about something, you're more likely to stick with it and keep going, even when things get tough. Passion fuels your desire to achieve your goals and helps you to persist even when faced with setbacks.

CC: What would be your advice to women desiring to become entrepreneurs?

Success tips for Indian women entrepreneurs out there is that you should not be bowed down by the pressure and challenges that society throws at you. Three tips that I can share with you - First, own your ambition; second, ask for support, equal rights and responsibilities, never shy away from asking if you believe in yourself; and last but not least, share your access and achievements - it will give society a new lens to look at you and it might inspire many more women out there to do good and do something for themselves.