In line with its growth strategy, Soch launched 18 new stores in the previous year and is aiming to double the number of new stores in the current year
Bengaluru: Women’s ethnic wear brand Soch has exceeded Rs 400 crore revenue in FY (fiscal year) 2023, the retailer said in a press release on Friday. The operating EBITDA (earnings before interest, taxes, depreciation and amortization) for the year stood at Rs 36 crore (~9%).
In line with its growth strategy, Soch launched 18 new stores in the previous year and crossed the 150 stores mark in August 2022. It is aiming to double the number of new stores in the current year.
“Our success is a testament to the dedication and hard work of the entire Soch team. With a well-defined vision, we aim to achieve the 1000 crore mark within the next 3-4 years,” said Vinay Chatlani, chief executive officer of Soch.
Soch has also witnessed growth in its online business, recording a 125% increase in revenue from Rs 19 crore to Rs 44 crore. The brand’s recent omni-channel approach, digital tabs in stores offers five times more choices than an average brick-and-mortar store. Its online business will continue to be a key pillar for future growth, increasing from an 11% to a 20% contribution of revenue by 2026.
Soch Apparels was incepted by Manohar Chatlani, its current MD, in 2005 with its first retail store at Forum Mall, Bengaluru. Today, the brand is present in over 60 cities across India with more than 150 stores and its e-commerce site services are present in over 30,000 pin codes.