Zivame to strengthen retail footprint, aims to break-even next year
Lingerie brand Zivame is planning to strengthen its offline presence across the country, as it looks to break-even in the next 12 months. The company will be opening 60 new stores in 2020.
Zivame had raised Rs 60 crore ($8.4 million) in April this year from a host of investors to fuel its offline expansion plans.
On the back of its retail expansion coupled with strong online sales, Zivame had narrowed its losses from over Rs 32 crore in the fiscal year 2018 to Rs 20 crore in fiscal 2019.
The company's revenue from operations also grew to Rs 138 crore in FY19 from Rs 87 crore in the previous year with online sales contributing 80 percent to the overall revenue.
"Last one year has been phenomenal as we have strengthened our position across categories and deepened our presence in the markets. With tech, data and innovation at the heart of everything we do, we are set up for exponential growth over the next few years," Zivame CEO Amisha Jain told PTI.
"We have more than 40 retail stores in tier I markets and we are looking at taking that number to 100 over the next 12-18 months. We will deepen our presence in these markets. While our offline business is growing at a very strong pace, our online business also continues to do extremely well. We should be able to break-even in the next 12 months," she added.
Zivame is in talks with investors to raise more funds of around Rs 350 within this fiscal. Apart from retail expansion, it also plans to expand its product portfolio by entering newer categories like shapewear, sleepwear, athleisure, and more this year.
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