Fashion e-tailer High Street Essentials (HSE) – which runs FabAlley and Indya brands – is ramping up its offline presence and aims to have over 650 retail points including its own stores and shop-in-shops by March 2021.
According to a PTI report: The city-based company, which gets about 55 percent of its revenues from online channels, currently has about 30 Indya and FabAlley stores and 350 shops-in-shops.
“We have seen strong growth in business. Our gross sales was Rs 125.5 crore in FY19, and Rs 1.3 crore in net profit. FY19 has marked our transition from a primarily online company to an omni-channel entity while ensuring our infrastructure, supply chain, and product lines expanded efficiently to accommodate both online and offline retail growth with continued capital efficiency,” Tanvi Malik, Co-founder, HSE told PTI.
She added that the company is on track to close FY20 with gross sales of Rs 220 crore with EBITDA and PAT-level profitability.
“In the next 12-18 months, our aim is to expand our retail footprint by increasing its exclusive brand stores’ count to 50, and doubling our shop-in-shops to more than 600,” she further told PTI adding that the company plans to invest Rs 6.5-7 crore towards the expansion.
The stores are company owned and operated currently.
Malik said the online business is also growing at a strong pace with demand also coming in from international markets.
“We are already shipping our products to about 25 markets. While it is a small portion of the overall business, it is growing at a strong pace, at about 20 percent,” she told PTI.
The company is also launching its jewellery brand Zyra. Priced between Rs 600-3,000, the brand will cater to the millennial women and the products will be retailed through its website, mall kiosks, and Indya outlets.
Founded in 2012 by Shivani Poddar and Tanvi Malik, HSE with the brand FabAlley. It launched ‘Indya’ – an ethnic-fusion brand – in 2016 in response to the growing demand for contemporary Indian wear.
The company has raised about Rs 76.7 crore till date in funding. In December last year, it had raised Rs 60 crore in series B round by SAIF Partners.