New Delhi: Women's clothing brand Libaas, which on Thursday announced raising Rs 150 crore funding, aims to double its sales to Rs 1,00 crore in the next two years, its founder and CEO Siddhant Keshwani said. .
Libas brand owner Jivor Apparel on Thursday announced the closing of its first external funding round with an investment of Rs 15 crore by IAF Series 5, a fund managed by ICICI Venture.
This infusion of fresh capital is expected to help Libas strengthen its existing digital presence and create an omnichannel presence while accelerating offline expansion.
Regarding the apparel market, Keshwani said that he is now seeing signs of improvement in the fast fashion market and an increase in consumer spending.
The fast fashion ethnic wear brand, which started its journey as a D2C brand in 2014, has adopted an omnichannel strategy and aims to build a network of 150 physical stores in the next 3-5 years.Although Vinabas' immediate focus is on metros for expansion in the brick-and-mortar format, it recognizes the growth potential in Tier II and III cities and leverages data-driven insights to strategically target these areas in the future. Is.
He said the company is adopting a company-owned, company-operated (COCO) model for its stores, initially focusing on metro cities and selecting smaller towns with strong online presence and customer base.
Apart from the domestic market, Libas is also planning the international market targeting Indian expatriates, especially in markets like UK USA, UAE and Australia, where it is serving through its online platform.
Asked about growth, Keshwani explained: "We are targeting internally that we should close FY26 at around Rs 1,000 crore of net revenue - primarily through our offline channels and of course Even online."
The company has crossed a milestone of Rs 500 crore revenue in the financial year ending March 2024.Currently, online sales are around 80-8 per cent of our business, with offline sales contributing around 10 to 15 per cent, he said.
“However, we aim to achieve a more balanced distribution by targeting 50-60 per cent online and 30-40 per cent offline sales in the next two to three years,” Keshwani said.
At present, around 50 to 55 per cent of the veneer business is contributed by metro markets, and the rest comes from tier II, III and below cities.
When Keshwani was asked about the current state of the market and demand for apparel, which has faced a slowdown as customers have curbed their discretionary spending, Keshwani said there are "signs of improvement". .
He said, “Despite recent economic challenges, we are starting to see signs of recovery and increases in consumer spending, especially as we approach the festive season.“We remain cautiously optimistic about the future growth prospects of the industry.”
Libas brand owner Jivor Apparel on Thursday announced the closing of its first external funding round with an investment of Rs 15 crore by IAF Series 5, a fund managed by ICICI Venture.
This infusion of fresh capital is expected to help Libas strengthen its existing digital presence and create an omnichannel presence while accelerating offline expansion.
Regarding the apparel market, Keshwani said that he is now seeing signs of improvement in the fast fashion market and an increase in consumer spending.
The fast fashion ethnic wear brand, which started its journey as a D2C brand in 2014, has adopted an omnichannel strategy and aims to build a network of 150 physical stores in the next 3-5 years.Although Vinabas' immediate focus is on metros for expansion in the brick-and-mortar format, it recognizes the growth potential in Tier II and III cities and leverages data-driven insights to strategically target these areas in the future. Is.
He said the company is adopting a company-owned, company-operated (COCO) model for its stores, initially focusing on metro cities and selecting smaller towns with strong online presence and customer base.
Apart from the domestic market, Libas is also planning the international market targeting Indian expatriates, especially in markets like UK USA, UAE and Australia, where it is serving through its online platform.
Asked about growth, Keshwani explained: "We are targeting internally that we should close FY26 at around Rs 1,000 crore of net revenue - primarily through our offline channels and of course Even online."
The company has crossed a milestone of Rs 500 crore revenue in the financial year ending March 2024.Currently, online sales are around 80-8 per cent of our business, with offline sales contributing around 10 to 15 per cent, he said.
“However, we aim to achieve a more balanced distribution by targeting 50-60 per cent online and 30-40 per cent offline sales in the next two to three years,” Keshwani said.
At present, around 50 to 55 per cent of the veneer business is contributed by metro markets, and the rest comes from tier II, III and below cities.
When Keshwani was asked about the current state of the market and demand for apparel, which has faced a slowdown as customers have curbed their discretionary spending, Keshwani said there are "signs of improvement". .
He said, “Despite recent economic challenges, we are starting to see signs of recovery and increases in consumer spending, especially as we approach the festive season.“We remain cautiously optimistic about the future growth prospects of the industry.”
