Clovia to enter athleisure segment, plans retail expansion across India
today May 7, 2019
Purple Panda Fashions owned lingerie brand Clovia is all set to enter the lucrative athleisure segment and plans to launch its gym and athleisure range in the coming months.
The company will further expand its product portfolio with the launch of maternity wear.
After making inroads in the lingerie market, Clovia is looking at the women’s apparel market for growth. Along with the expansion of its product portfolio, the company has also planned retail expansion across India.
Clovia will be opening another 15 exclusive brand outlets this year coupled with an additional 200 touch points in multi-brand outlets and shop-in-shops.
The company has enough funds to fuel its expansion plans after its recent fundraise of $10 million (Rs 69.3 crore) in a Series B Funding round led by AT Capital.
“Women’s lingerie is a huge segment and we have just scratched the surface. We recently launched a range for teenage girls and the response has been good. We are looking to roll out maternity wear and athleisure,” Pankaj Vermani, founder and CEO of Clovia told BusinessLine.
“Plans are on to expand its footprint across the country, both through offline stores and by strengthening presence on the online platform Offline now accounts for around 15-20 percent of its total sales, while the balance 80 percent happens online,” Vermani added.
Clovia currently has around 15 exclusive stores and also available in around 250 multi-brand outlets and shop-in-shops. The company had posted revenue of Rs 52 crore for the fiscal year 2017-18 with a net loss of Rs 9 crore.
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