Keeping its offline expansion momentum going, online-led fashion brand FabAlley has opened its third Exclusive Brand Outlet (EBO) in Delhi’s Greater Kailash-1 M Block Market to showcase its ethnic-fusion range, Indya.
This range currently contributes more than 30 per cent of FabAlley’s overall revenue, with plans of growing to over 40 per cent by the end of this financial year. Indya’s prices range from Rs 1,500 for a basic silk top to Rs 4,000 for specialized embroidered tunics and skirts.
FabAlley’s Greater Kailash store, spread over 700 sq. ft., allows customers to get a feel of Indya’s luxe fabrics, fits and silhouettes, and will house a contemporary range of luxe skirts, peplum tops, crop tops, tunics, and palazzos, showcasing a perfect blend of western and ethnic styles.
The store, located in the upmarket M Block market, comes close on the heels of the launch of Indya’s EBO in Rajouri Garden market last month. The brand launched its first store in Bangalore in Phoenix Market City earlier this year. FabAlley first partnered with Future Group’s Central Mall in 2016 for their offline expansion, and since then has grown to over 55 shop-in-shops across the country.
“Indian wear currently occupies a 74 percent market share of the apparel retail market in the country and provides a great growth opportunity for us,” said Tanvi Malik, Co-CEO of FabAlley, at the launch of the store.
“Currently, the ethnic wear industry in estimated at Rs. 70,000 crores, and the segment is expected to grow at a CAGR of 9 percent to reach Rs 1,25,000 crore in 2019. We are looking to hone in on this opportunity and grow our Indya brand offline in a big way, with about 12-15 stores planned in the next six months,” said Shivani Poddar, Co-CEO of FabAlley.
FabAlley saw a 40 per cent growth in revenue in the 2017 fiscal. With its aggressive Omnichannel expansion plans, it is on-track to achieve a 100 per cent YoY revenue growth this year.