fbpx
HomeNewsBootstrapped ethnic fashion brand Libas surpasses INR 500 Crore revenue milestone in...

Bootstrapped ethnic fashion brand Libas surpasses INR 500 Crore revenue milestone in FY24; eyes 60-70% growth and seeks first round of funding

Libas, a bootstrapped ethnic fashion brand, has surpassed the INR 500 crore milestone in revenues for FY24. Eyeing a continued growth trajectory of 60-70% in the coming fiscal year, the brand remains dedicated to fortifying its offline channel presence. Furthermore, it has initiated discussions with investors to secure its first round of funding.

“We experienced a growth of 60-70% in FY24, primarily driven by our channel expansion. By opening additional stores and shop-in-shops, we achieved this significant company-level growth. In FY24, we surpassed the INR 500 crore revenue milestone for the first time in the brand’s history,” shared Sidhant Keshwani, Founder & CEO of Libas.

Alongside the introduction of its spring-summer collection, the ethnicwear brand has enlisted actor Kiara Advani as its brand ambassador. Kiara Advani is showcased in the company’s latest brand film, adding a fresh dimension to its promotional efforts.

“With the introduction of our new spring-summer collection, we hold a positive outlook for this fiscal year. We anticipate maintaining growth rates of 50-60%,” added Keshwani.

Addressing concerns about the subdued demand trends in the apparel sector, Keshwani noted that non-essential categories, such as apparel, have experienced a slowdown in demand within the mass market segments. However, the premium and luxury segments continue to perform strongly.

“These subdued demand trends have been evident throughout the past fiscal year. We’ve also observed a slowdown in like-to-like growth levels. However, we anticipate the industry to start recovering from June,” he added.

Continue Exploring: Ethnic wear brand Kalki charts course for global expansion & personalized tailoring

The ethnic wear brand has intensified its offline presence, expanding to more than 15 exclusive brand outlets and over 500 shop-in-shop locations within multi-brand outlets.

“We primarily operate as an online-first brand, but the offline channel will significantly contribute to our journey this year. We aim to open an additional 15 exclusive brand outlets this year,” he commented.

Libas is also preparing to secure its first round of funding. “We have initiated discussions and are considering a minority stake divestment,” Keshwani elaborated.

This comes at a time when the brand is planning to accelerate its offline store expansion.

Continue Exploring: Soch brings ethnic fashion to new heights with its largest outlet in Bangalore

Latest articles

J&J Snack Foods expands portfolio with acquisition of Thinsters cookie brand

J&J Snack Foods Corp. has completed the acquisition of the Thinsters cookie brand from...

Unilever’s Wall’s expands handheld ice cream range with trio of new products

Unilever's Wall's has unveiled a trio of new products under its Twister, Cornetto, and...

Retail food inflation eases to 8.52% in March 2024 as prices of pulses and oils decline marginally

Retail food inflation eased slightly to 8.52% in March 2024 from 8.66% in the...

Aplós revolutionizes refreshment with new line of functional alcohol-free canned cocktails

Aplós, the beverage brand, has unveiled a series of ready-to-drink alcohol-free cocktails that are...

Related Articles

Growth on the menu: Good Flippin’ Burgers raises $4 Million for ambitious expansion plans

Burger chain Good Flippin' Burgers has recently announced that it raised $4 million in...

Former Walmart buyers enter frozen food market with new startup

Frozen food startup Counter has recently closed $1.2 million in seed funding and is...

BlueStone set to raise $9 Million in debt funding from Trifecta Capital for expansion plans

BlueStone, an omnichannel jewellery startup, is currently in the process of raising $9 million...
× Drop a, Hi?