Indian online lingerie retailer Zivame to launch network of physical stores
Online lingerie retailer Zivame will launch 60 physical stores in major Indian cities within the next 12–18 months.
The firm has been gradually controlling its losses over the past financial year and is set to achieve break-even by the end of next year.
“Last one year has been phenomenal as we have strengthened our position across categories and deepened our presence in the markets,” said Zivame’s CEO Amisha Jain to PTI News. “With tech, data and innovation at the heart of everything we do, we are set up for exponential growth over the next few years.
“We have more than 40 retail stores in tier-1 markets and we are looking at taking that number to 100 over the next 12-18 months. We will deepen our presence in these markets.”
Zivame hit a US$47.48 million annual run rate for financial year 2020. The app contribution for the brand’s gross sales increased from 50 per cent in the last financial year to 65 per cent this year. Online channel accounts take up about 80 per cent of Zivame’s business.
Zivame, counts Zodius Capital, Unilazer Ventures and Khazanah Nasional Bhd among its investors, and may seek additional financing of about $50 million this year.