Clovia plans to enter overseas markets by 2023
today Feb 25, 2019
Indian lingerie brand Clovia, run by Purple Panda Fashions is planning to go international by opening stores in the overseas markets over the next four to five years.
The company is looking to open stores in markets like Malaysia and Indonesia to strengthen its international network. Clovia had raised around $10 million (Rs 71 crore) last month to fuel its expansion plans.
"We have been operationally profitable, and we are planning to expand our presence in four more geographies like Malaysia and Indonesia in the coming four to five years,” Neha Kant, founder of Clovia told Indian Retailer.
Clovia which started off as an online-only brand is banking heavily on the offline market for growth and will also expand domestically with focus on tier 2 and tier 3 cities. It plans to double its store count from 12 to 24 before the end of the current fiscal.
The offline stores currently contribute around 15 percent to the company’s overall revenues and are expected to grow over 50 percent this fiscal. The company had posted revenue of Rs 52 crore ($7.4 million) for the fiscal year 2017-18 with a net loss of Rs 9 crore.
"Clovia gets over 55 percent of its total online sales through its own website which will maintain its share. The rest comes from online marketplaces such as Amazon," Kant added.
Clovia has a total of over 100 sales touch points including retail chains like Central and Brand Factory. The company also sells through its exclusive brand e-store and e-commerce sites like Myntra, Jabong, Flipkart and Amazon among others.
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