Homegrown accessories brand Baggit is stepping up its volume and the product line to meet its target of clocking 25 per cent revenue growth in FY19.
According to a PTI report: The privately held company had around Rs 160 crore revenue last fiscal year.
“We are stepping up our production to play the volume game and are also launching new products to cater to various customer groups,” Nina Lekhi, Managing Director, Baggit told PTI.
“We are looking a 25 per cent revenue growth in FY19, and a double-digit bottom line growth,” she was further quoted by PTI as saying without quantifying the numbers.
It currently produces about 1.5 lakh pieces a month, which will be increased by about 50 per cent soon, she added.
She said despite the note-ban and GST challenges, they grew in double-digits last financial year, when the revenue touched around Rs 160 crore.
“Next year we are looking forward to further consolidate and grow faster,” she told PTI.
While Baggit is present in Sri Lanka, she ruled out making further international forays as the focus will be domestic market.
The brand is available in over 1,000 large format retail stores and receives 3-4 per cent sales through online. It also has nearly 50 exclusive outlets.
The company also launched a private label collection recently, which will target premium clients.
“As a brand, we are going premium but will remain affordable,” Lekhi further told PTI.