Snitch plans to open a total of over 40 stores in the next two years
New Delhi: Bengaluru-based men’s fashion and apparel brand Snitch plans to open its third store at Surat on Sunday, a top executive told Indiaretailing.
“We are opening our 3rd store this Sunday which will be the second in Surat. It will be bigger, better and exponential,” said Siddharth Dungarwal, founder of Snitch.
The new 3,600 sq. ft. carpet area store is located at MBH Shopping Center, Varachha, Gujarat and is the biggest.
IndiaRetailing was the first to report the opening of the brand’s first store in Surat and the second in India.
Asked about the expansion plans in Gujarat, Dungarwal added: “We plan to open six to eight stores in Gujrat in the next six months and aim to reach over 20 plus stores throughout India.”
The company eyes big on Gujarat as almost eight out of the 20 stores planned in India are from the state which is almost 40% of the offline expansion plans for 2024.
As part of the D2C brand’s physical store expansion strategy, Snitch recently hired Varun Muralidharan, former retail manager at Bestseller India, to lead retail operations and projects. The company also onboarded Mayur Ashtekar from Rare Rabbit as lead for business development and offline expansion.
The company has acquired over 1.5 million customers now, and the target is to reach 25 million plus consumers in the next four years, the company said in a release.
It witnessed over twice the growth in gross merchandise value (GMV) from Q1 to Q4 in the fiscal year 2023 and achieved 400 crore GMV with a projected GMV of 600 crore by the end of the fiscal year 2024.
The company has maintained a growth of 30-35% increase in average quarter-on-quarter (Q-o-Q) revenue in the last two years. With a recent development in offline retail by the brand, the company sees a 35-40% Q-o-Q increase in further sales and revenue as the company continues to expand its physical retail footprint with a plan of introducing 30-40 stores over the next two years.
Started in the year 2020 as a D2C brand, Snitch made headlines by appearing on Shark Tank India Season 2 and being the only brand to secure an all-Shark Deal. Snitch has also raised Rs 110 crore in its Series A funding round.
