New Delhi, May 11th, 2022: After a successful streak in both online and offline markets and closing a revenue of 600 CR GMV in FY 21-22, one of the fastest-growing ethnic fast fashion brands in India, Libas is now set to open 50 more offline stores across India by the end of 2023. With the retail expansion, the brand is aiming at acquiring an incremental customer base by tapping into the retail offline market.
Owing to the massive boost that the fashion e-commerce space got post the outbreak of the Covid-19 pandemic and the increased focus on the D2C business model, along with more investments in technology towards building an omnichannel ecosystem and robust supply chain capabilities, Libas has seen a significant rise in revenue of 45% in FY 21-22.
Speaking of the growth, Sidhant Keshwani, CEO & Managing Director, Libas said,
“2021 was a fantastic year for Libas, both in terms of revenue growth and incremental increase in the brand’s reach. We aim to follow this growth trajectory this year as well and work towards our vision of making Libas a household name for all ethnic wear wardrobe solutions. With this vision, we have massive plans to increase our reach in the offline market with 50 more EBOs by 2023, to go hand-in-hand with our established online presence. The stores will cater to all categories for ethnic and fusion wear seekers, along with our other popular segments such as kids, loungewear and plus size clothing.”
