Clovia to expand offline presence with 75 new stores
today Dec 19, 2018
Online lingerie brand Clovia, which is run by Purple Panda Fashions, is looking to expand its offline presence and will open around 75 stores over the next three years across the country.
Clovia is betting big on the offline market for growth and has been rapidly expanding its retail presence in India. It plans to double its store count from 12 to 24 before the end of the current fiscal.
Currently, brick and mortar stores contribute around 20 percent to the company’s revenue. Clovia expects it to reach 35 percent in the next two years on the back of its retail expansion.
The company had posted revenue of Rs 52 crore (approx $7.4 million) for the fiscal year 2017-18 with a net loss of Rs 9 crore.
"By end of this financial year, we will double the number of retail outlets. We aim to continue with the same pace for store expansion for the next couple of years as well. In the next two years we should have around 60-75 stores in the country," Pankaj Vermani, co-founder and chief executive officer of Clovia told Economic Times.
"At present, around 20 percent of our revenues come from the offline channel which could go as high as 35 percent in the next two years," Vermani further said.
Clovia is one of the leading omnichannel lingerie retailers in the country’s $4 billion lingerie market and competes with lingerie retailers like MAS Brands India (Amante), PrettySecrets and Zivame.
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