High Street Essentials eyes Rs 220 crore gross sales by FY 2020
Indian fashion house, High Street Essentials Pvt Ltd (HSE) is planning massive expansion across India in the coming months as it looks to achieve gross sales of Rs 220 crore ($31.2 million) by the fiscal year 2020.
HSE, which owns fashion brands like Faballey and Indya, will be investing around Rs 7 crore on its retail expansion. The company will be opening 50 exclusive brand outlets and also strengthen its presence in shop-in-shops.
HSE had reported net revenue of Rs 90 crore for the financial year 2018-19 with a profit of Rs 1 crore with online contributing 55 percent to its overall revenue.
"We have seen strong growth in business. Our gross sales were Rs 125.5 crore in FY19, and Rs 1.3 crore in net profit. FY19 has marked our transition from a primarily online company to an omni-channel entity while ensuring our infrastructure, supply chain, and product lines expanded efficiently to accommodate both online and offline retail growth with continued capital efficiency," HSE co-founder Tanvi Malik told PTI.
“The company is on track to close FY20 with gross sales of Rs 220 crore with EBITDA and PAT-level profitability. In the next 12-18 months, we to expand our retail footprint by increasing its exclusive brand stores' count to 50, and doubling our shop-in-shops to more than 600,” she added.
HSE was started in 2012 by Shivani Poddar and Tanvi Malik. It currently has 30 brick-and-mortar stores, 350 shops-in-shops and also sells through its website.
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