Men's inner wear brand Xyxx eyes Rs 240 crore revenue in FY23
Xyxx expects to reach a revenue total of Rs 240 crore by the end of the 2023 financial year. The premium inner wear and lifestyle brand saw its net sales increase fourfold year-on-year in the 2022 fiscal and expects its growth trajectory to continue.
The brand reported a revenue total of Rs 105 crore for the 2022 financial year which ended on March 31, 2022. This was a significant increase from its revenue total of Rs 26 crore in the 2021 fiscal. This revenue jump was due to a 95% increase in product orders from the brand, Xyxx’s founder Yogesh Kabra told ET Retail in an interview.
Yogesh Kabra founded Xyxx in 2016 and the brand retails its men’s inner wear and casual wear with an omni-channel approach. To date, the brand has raised Rs 135 crore in funding and is using its latest Series B investment to expand its brick-and-mortar presence in India through multiple retail formats.
Xyxx’s predicted revenue growth this fiscal will in part be fuelled by this offline expansion. The brand plans to double its presence in multi-brand outlets from 14,000 at present to around 30,000 retail touch-points. This will include 10 exclusive brand outlets and the business aims to achieve this figure by February, 2023.
Copyright © 2023 FashionNetwork.com All rights reserved.