Baggit aims for 25 percent revenue growth in FY 2019

By

Isabelle Crossley

Published
Feb 5, 2018

The Indian accessories brand Baggit plans 25 percent revenue growth for the financial year (FY) 2019, as well as double digit bottom line growth during the same time period.

Reporting 160 crore rupee revenue (approximately 24 million US dollars) last FY, the Managing Director of Baggit, Nina Lekhi has announced that the brand is eyeing a 25 percent revenue increase for FY 2019, although no exact numbers have been shared as yet. Also predicting double digit bottom line growth, the brand aims to up its production to fulfil foreseen increased demand.

"We are stepping up our production to play the volume game and are also launching new products to cater to various customer groups," said Lekhi. "We are looking a 25 per cent revenue growth in FY19, and a double-digit bottom line growth."

The brand currently produces 1.5 lakh pieces a month and they aim to increase production rates by around 50 percent within the coming months. "Next year we are looking forward to further consolidate and grow faster," said Lekhi. However, although Baggit has already expanded into Sri Lanka, they have no further international expansion plans for the near future.

Baggit recently released a premium line with higher pricing. This premium line is expected to help drive sales but Lekhi assured: "As a brand, we are going premium but will remain affordable." 

Baggit was founded in 1989 by Lekhi and the brand is now present in 1,000 large format retail stores across India with 50 flagship stores. The brand also retails through its own e-commerce store which currently accounts for around three to four percent of sales.