Snitch, the men’s fashion brand, is gearing up to broaden its reach in smaller cities and towns. According to a senior company official, they aim to establish 7-8 new brick-and-mortar stores in locations such as Surat, Mumbai, and Pune within this fiscal year. Siddharth Dungarwal, the Founder of Snitch, highlighted the brand’s strong foothold in Tier-1 and -II cities. Currently, Snitch boasts a substantial consumer base in Mumbai and Pune, with Delhi-NCR and Bengaluru following closely behind.
“The next set of strategies for us is to penetrate deeper into the tiers and geographies, into the Tier III and -IV plus in terms of team building,” shared Dungarwal.
The fashion brand also looking to open 7-8 offline stores this fiscal and take the number of stores to 22 in the next financial year.
“Expanding our offline stores now, we’ll be doing at least seven to eight offline stores in places like Surat, Mumbai, Pune, and Hyderabad by FY24,” he added.
The fashion brand started its journey as a B2B player in 2019. It expects a revenue of INR 250 crore in the current fiscal.
“We did INR 11 crores in FY21 in terms of net revenue, in year two we did INR 44 crores in revenue (FY22). In our third year, we closed at INR 110 crore in FY23 and this year we should close at INR 250 crore,” he said.
The company launched their app about two years ago with over two million downloads of the app and 55 per cent of the revenue coming through the same, Dungarwal said.
We’ve acquired about 1.5 million customers till now, and our target is to reach a sort of 25 million plus consumers in the next four years, he added.
The bootstrapped company plans an IPO by FY29, Dungarwal said.