Fashion label Beyoung has announced its entry into physical retailing with its first store, as part of its plan to open 300 outlets within the next three years.
Thus far, the brand has secured a substantial portion of the online market in tier 2-4 cities. It aims to bolster its omnichannel presence by extending its reach across both online and offline platforms. Shivam Soni, the Founder of Beyoung, expressed, “This marks a significant stride in our offline expansion journey within tier 2, 3, and 4 cities. We eagerly anticipate delivering quality products to numerous additional cities and expanding our product categories in the upcoming year.” Beyoung, which inaugurated its debut store in Bhilwara, Rajasthan, is poised for further growth.
Established by Shivam Soni, Shivani Soni, Sakshi Soni, and Shankar Mali in 2018 in Udaipur, Rajasthan, Beyoung currently boasts a Gross Merchandise Value (GMV) of INR 200 crore. The brand has set its sights on reaching a GMV of INR 650 crore within the next three years.
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India, the world’s second-most populous country, presents an enticing market for apparel brands, particularly as younger demographics show growing enthusiasm for western fashion trends. Notably, within the apparel sector, prominent brands like H&M and Puma derive more than 40-50% of their revenues from online sales, highlighting a heightened preference for e-commerce channels following the pandemic.
Experts predict that by 2027, the fashion and lifestyle e-commerce sector will burgeon into a $35-40 billion market. Within the Direct-to-Consumer (D2C) segment alone, there exists an addressable market of at least $15-20 billion, they suggest.
As Direct-to-Consumer (D2C) brands progress and broaden their reach, the fusion of online and offline channels becomes a strategic necessity. This integration facilitates increased consumer interaction and broader market access.
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At the Phygital Retail Convention held in Mumbai, Mandar Dandekar, Partner at Sorin Investments, remarked, “Seven years ago, numerous brands operated solely or primarily online, but to achieve significant growth, they must adopt an omnichannel approach.”
Driven by approximately 200 million digital shoppers in the country, India’s Direct-to-Consumer (D2C) market is poised for exponential growth, projected to reach a size of $100 billion by 2025, following significant expansion in recent years.
Numerous malls are now embracing Direct-to-Consumer (D2C) brands, inviting them to showcase their products across their outlets. This shift comes as established brands in these segments transition offline following their online success. India currently hosts over 100 thriving D2C brands.
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