Women’s ethnic wear brand Soch, in its latest press release on Friday, revealed that it has surpassed INR 400 crore in revenue for the fiscal year 2023. Furthermore, the company disclosed an operating EBITDA (earnings before interest, taxes, depreciation, and amortization) of INR 36 crore, equivalent to approximately 9% of its annual earnings.
As part of its expansion strategy, Soch opened 18 new stores in the preceding year, reaching a milestone of 150 stores in August 2022. The company now has plans to double the number of new stores in the current year, demonstrating its commitment to further growth and expansion.
“Our success is a testament to the dedication and hard work of the entire Soch team. With a well-defined vision, we aim to achieve the 1000 crore mark within the next 3-4 years,” said Vinay Chatlani, chief executive officer of Soch.
Soch’s online business has experienced significant growth, with a remarkable 125% increase in revenue, surging from INR 19 crore to INR 44 crore. The brand’s adoption of an omni-channel approach, which includes digital kiosks within its physical stores, now provides customers with five times the product choices compared to a typical brick-and-mortar store. The online segment is poised to play a pivotal role in Soch’s future expansion, with expectations to contribute 20% of the company’s revenue by 2026, up from its current 11%.
Founded by Manohar Chatlani, who currently serves as its Managing Director, Soch Apparels made its debut in 2005 when it opened its first retail outlet at Forum Mall in Bengaluru. As of today, the brand has expanded its footprint to encompass more than 150 stores in over 60 cities throughout India. Additionally, Soch’s e-commerce platform extends its services to a wide-reaching network, catering to customers in over 30,000 distinct pin codes across the country.