Zivame revenue jumps 56 percent to Rs 87 crore
Indian lingerie retailer Zivame has witnessed a 56 percent jump in its revenue to Rs 87 crore ($12 million) for the financial year 2017-18. The company had posted revenue of Rs 53 crore in the last fiscal.
The omni-channel lingerie retailer also managed to narrow its losses during the fiscal as the losses were down 44 percent to Rs 32 crore from Rs 58 crore in reported in the previous fiscal while its expenses shot up 8 percent to Rs 126 crore, according to regulatory filings with the Ministry of Corporate Affairs.
The Bengaluru-based firm had made changes to its business model and leadership during the last fiscal to control its losses. The gamble seemed to have paid off as the recent numbers indicate that the lingerie retailer is on the path to recovery.
Last year, the company had decided to take the omni-channel route by establishing offline stores and had opened 26 outlets across India to boost sales.
With the sales revenue increasing 56 percent, Zivame is now looking to further expand its offline presence to 100 stores by the end of the current fiscal year and will be investing Rs 40 crore on the same.
The innerwear market in India is currently estimated to be around $4 billion and expected to touch $6 billion by 2021 according to a Technopak report. Zivame will be hoping to capitalise on this growth and turn profitable in the coming years.
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