High Street Essentials reports revenue of Rs 90 crore for fiscal 2019
The Delhi-based fashion house, High Street Essentials Pvt Ltd (HSE) reported net revenue of Rs 90 crore ($12.7 million) for the financial year 2018-19 with a profit of Rs 1 crore.
HSE, which owns fashion brands Faballey and Indya, reported YoY growth of 70 percent with an EBITDA of Rs 3 crore.
With strong results for the fiscal year, the company is all set to enter the jewellery segment with the launch of its brand ‘Zyra’. The company will also continue with its offline expansion as part of its growth strategy.
Commenting on the performance for fiscal 2019, Shivani Poddar and Tanvi Malik in a joint statement said, “FY19 has marked our transition from a primarily online company to an omnichannel entity while ensuring our infrastructure, supply chain, and product lines expanded efficiently to accommodate both online and offline retail growth with continued capital efficiency.
“The company is on track to close FY20 with gross sales of Rs 220 crore at a growth of 75 percent over FY19, with EBITDA and PAT-level profitability,” the statement 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.
The company is planning to add 20 more stores over the next 12 months and also double its shop-in-shops count.
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