Tofler data showed Zivame’s total expenditure during the year stood at Rs 234 crore
New Delhi: Zivame’s net loss has widened by 34% to Rs 39 crore for the fiscal year ending March 2024 compared to the previous fiscal year, data sourced from business intelligence platform Tofler showed.
Sales at the online lingerie retailer have also plummeted during the year, Tofler said.
“Actoserba Active Wholesale Private Limited, an online lingerie store popularly known as Zivame, reported its revenues for the financial year 2023-24 as Rs 193 crore, a 42 % fall since the last financial year,” the business intelligence company said. Tofler data is accessed through the Registrar of Companies (RoC).
Tofler data showed Zivame’s total expenditure during the year stood at Rs 234 crore.
Zivame was acquired by Reliance Retail in 2020 for about $160 million as the country’s largest retailer was ramping up its lingerie business by snapping up other brands including Clovia and Amante.
“Our investments in brands like Kalanikethan, Zivame, Clovia, Amante, and Urban Ladder have given us a strong foothold in these categories,” Mukesh Ambani, chairman of Reliance Industries Ltd said in August during RIL’s annual general meeting.
Wazir Advisors estimates India’s annual innerwear market to swell to Rs 75,466 crore by 2025, up from Rs 61,091 crore business in 2023. Women’s inner and comfort wear accounts for a lion’s share or 60% of that market, Wazir said.
