Streetwear brand VegNonVeg has set its sights on closing FY25 with INR 175 crore in revenue, according to Abhineet Singh, co-founder of VegNonVeg.
The brand, which achieved INR 85 crore in revenue last fiscal year, is targeting to reach INR 110 crore in revenue by the end of this fiscal year.
“With the new doors opening and focus on growing a larger and more diverse customer base, we are confident to meet our targeted revenue,” he said.
“Apart from this, in the next few years, we see the sneaker market growing from $2.5 billion to $40 billion. We are confident that if we make the right kind of investments and work towards expanding our market, we will grow creating an industry,” he further added.
The omnichannel brand, currently operating 3 exclusive brand outlets in Mumbai, Bengaluru, and Delhi, plans to enhance its offline presence by opening 3 additional exclusive brand outlets by the end of FY26.
Continue Exploring: Indian footwear industry set for exponential growth, projected to reach $90 Billion by 2030: GTRI Report
“Going ahead, we will be opening stores in new cities like Hyderabad, and Ahmedabad and existing cities like Delhi and Mumbai,” he asserted.
“We can go from three to thirty stores over the next two years, but, very consciously, we want to preserve. We want to focus on community building and forming a relationship with our customers,” he further added.
The brand’s average store size covers 2,500 square feet, with a selection ranging from 600 to 700 SKUs.
Presently, online channels account for 65 percent of the business, with offline channels contributing the remaining 35 percent.
“At the moment we are carrying 30 exclusive brands across footwear, apparel, and collectibles categories, out of which 20 per cent is available on our website. We enjoy a 30 per cent repeat ratio,” he asserted.
Continue Exploring: Nike faces threat as discounted sneakers double in 2024, challenging traditionally robust pricing strategy amidst intense competition
In 2021, the brand introduced its private label for apparel, followed by the launch of a fashion jewellery line in October 2023.
“The last three years were about figuring out what is the right product mix for us. We started with our essentials collection comprising comfortable classics like hoodies, t-shirts, joggers, and shorts in seasonal colours and now we’re getting more fashion-focused. Apart from this, an important part of the streetwear culture is about collectibles which is very interesting to us, and we are exploring that too,” he stated.
At present, the private label accounts for 20 percent of the brand’s total revenue.
The brand, boasting an 18 percent profitability, plans to allocate INR 20 crore over the next few years to expand its retail footprint as well as its private label.
