Limeroad to take offline route for growth, plans to open 3000 stores by 2021
Fashion online platform LimeRoad will be the latest to etailer to make the transition from online to offline as it plans to open brick and mortar stores across the country over the next 3 years.
The company which has the financial backing of investors like Tiger Global Management, Lightspeed Venture Partners and Matrix Partners India is looking to open around 2000 to 3000 stores in the next 3 years to enhance its brand visibility and boost sales.
Limeroad first physical outlet will come up in the textile and garment hub of Surat in Gujarat by March this year. The company will on board sellers who in turn will be run and operate their stores through a franchise model with Limeroad providing them marketing and logistics support.
“You can experience fast fashion through those stores. Outlets selling multi-branded fashion and lifestyle products will be owned and operated by sellers,” Suchi Mukherjee, founder Limeroad told the Economic Times.
With the online market slowing down amidst growing competition majority of the etailers are foraying into the brick and mortar space for further growth as they look to cash in on the booming billion dollar retail market in India.
The Indian retail market currently stands at $490 billion with fashion & apparel holding a 8% share of $40 billion according to the latest report on retail by research firm Technopak.
Limeroad is a fashion e-commerce website founded in 2012 which sells apparel and accessories for men, women and kids.
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