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.
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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.
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