Zivame, the online lingerie retailer, has reported a 34% increase in net losses to INR 39 crore for the fiscal year ending March 2024.
Zivame sales are down to 42%
According to data sourced from business intelligence platform Tofler, the company’s sales also plummeted by 42% to INR 193 crore during the same period.
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Meanwhile, Zivame’s struggles come despite the growing demand for innerwear in India. “Actoserba Active Wholesale Private Limited, an online lingerie store popularly known as Zivame, reported its revenues for the financial year 2023-24 as INR 193 crore, a 42 % fall since the last financial year,” Tofler said, as reported by Indian Retailing.
Zivame’s expenditure stands at INR 234 Cr
Notably, the company’s total expenditure stood at INR 234 crore, contributing to its widening losses. However, Reliance Industries Ltd Chairman Mukesh Ambani remains optimistic about Zivame’s potential. “Our investments in brands like Kalanikethan, Zivame, Clovia, Amante, and Urban Ladder have given us a strong foothold in these categories,” Ambani said during RIL’s annual general meeting in August.
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In 2020, Reliance Retail bought Zivame for around $160 million as part of its strategy to expand its lingerie business. They also acquired other brands like Clovia and Amante during this time.
Further, Industry experts predict growth in the innerwear market, with Wazir Advisors estimating it will reach INR 75,466 crore by 2025, up from INR 61,091 crore in 2023. Women’s inner and comfort wear accounts for 60% of this market, presenting opportunities for Zivame to rebound.
