Snitch, the Bengaluru-based men’s fashion and apparel brand, plans to open its third store at Surat on Sunday, as revealed by a top executive.
“We are opening our 3rd store this Sunday which will be the second in Surat. It will be bigger, better and exponential,” said Siddharth Dungarwal, founder of Snitch.
The new 3,600 sq. ft. carpet area store, located at MBH Shopping Center in Vaaracha, Gujarat, stands as the largest among its counterparts.
Regarding expansion plans in Gujarat, Dungarwal stated, “We aim to establish six to eight stores within the next six months in Gujarat alone, with the broader goal of exceeding 20 stores nationwide.”
The company has set its sights on Gujarat, with nearly eight out of the 20 stores planned in India being located in the state. This represents approximately 40% of the offline expansion plans for 2024.
Continue Exploring: Fashion brand Snitch unveils ambitious growth plans: Eyes 7-8 offline stores in FY24 for deeper presence in Indian cities and towns
As part of the direct-to-consumer (D2C) brand’s strategy to expand its physical stores, Snitch has recently recruited Varun Muralidharan, previously a retail manager at Bestseller India, to oversee retail operations and projects. Additionally, the company has brought on board Mayur Ashtekar from Rare Rabbit to spearhead business development and offline expansion efforts.
The company has acquired over 1.5 million customers now, and the target is to reach 25 million plus consumers in the next four years, the company said in a release.
It experienced more than double the growth in gross merchandise value (GMV) from Q1 to Q4 in the fiscal year 2023 and attained a GMV of 400 crore, with a projected GMV of 600 crore by the end of the fiscal year 2024.
Continue Exploring: D2C men’s fashion brand Snitch hits INR 400 Crore GMV milestone, targets INR 600 Crore by 2024
Over the past two years, the company has consistently sustained a growth rate of 30-35% in average quarter-on-quarter (Q-o-Q) revenue. With the recent expansion into offline retail, the brand anticipates a further 35-40% Q-o-Q increase in sales and revenue as it continues to expand its physical retail presence, aiming to introduce 30-40 stores over the next two years.
Established as a direct-to-consumer (D2C) brand in 2020, Snitch garnered attention by featuring on Shark Tank India Season 2, where it stood out as the sole brand to secure an all-Shark Deal. Additionally, Snitch successfully raised INR 110 crore during its Series A funding round.