Mar 22, 2018
Zivame to invest Rs 40 crore on expansion, to open 100 stores by 2019
Mar 22, 2018
India’s leading lingerie retailer Zivame is looking to make a comeback in the growing lingerie market in India by expanding its base across the country and has earmarked an investment of Rs 40 crore (approx $ 6.2 million).
Zivame is planning to open around 75 brick and mortar stores across the country by the end of the next financial year and also strengthen its online network to revive its dipping fortunes in the otherwise booming market.
The innerwear market in India is currently estimated to be around $ 4 billion and expected to touch $6 billion by 2021 according to a Technopak report. Zivame is also looking to cash in on this growth and expecting to break even by the next fiscal.
“Our focus has been on ramping up our retail or omni channel as an initiative. We dynamically re-locate stores using artificial intelligence, to provide for availability, hence customer conversions at the stores are far higher than online,” said Shaleen Sinha, CEO at Zivame was quoted as saying by the Economic Times.
“The company has grown 75% in revenues as of December 2018 even as losses have been steadily shrinking. We are looking to rapidly expand both our channels (online and offline). We will try and get to EBITDA breakeven within 12-18 months. That is the current target,” Sinha added.
Zivame currently has around 26 brand stores across the country and an online portal which caters to the other markets.
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