According to a top company official, men’s apparel firm Snitch plans to launch at least 7-8 offline outlets in cities and towns including Surat, Mumbai, and Pune this fiscal year. The company is well-represented in Tier-1 and Tier-II cities, according to Siddharth Dungarwal, the creator of Snitch. At the moment, Delhi NCR, Bengaluru, and Mumbai and Pune have the company’s greatest customer bases.
“The next set of strategies for us is to penetrate deeper into the tiers and geographies, into the Tier III and -IV plus in terms of team building,” Dungarwal stated to PTI.
The clothing company plans to add 7–8 physical locations this fiscal year, bringing its total to 22 by the next fiscal year.
“Expanding our offline stores now, we’ll be doing at least seven to eight offline stores in places like Surat, Mumbai, Pune, and Hyderabad by FY24,” he stated.
In 2019, the fashion brand began operating on a B2B basis. It anticipates earning Rs 250 crore this fiscal year.
“Our net revenue for FY21 was Rs 11 crores, and our revenue for FY22 was Rs 44 crores. We closed at Rs 110 crore in FY23 in our third year, and we expect to close at Rs 250 crore this year,” he stated.
According to Dungarwal, the company launched its app approximately two years ago, and over two million people have downloaded it. The app generates 55% of the company’s revenue.
We’ve added over 1.5 million clients so far, and our goal is to achieve over 25 million in the next four years, he continued.
By FY29, the bootstrapped business intends to go public, according to Dungarwal.
Snitch was founded with the goal of providing millennials with a colourful and stylish shopping experience. It made its debut in the D2C and e-commerce fashion markets in 2022 with 30 products, and by the end of the same year, it had added over 2500 designs to its website. The brand, which was created to provide endless and avant-garde fashion, saw a 120% increase in yearly income. Snitch demonstrated faith in the brand’s representatives by recording an impressive annual sales run-rate of 100 crores by the end of Q4 FY22, after reaching 80 crores at the end of Q1 FY22.
Chetan Siyal, Chief Marketing Officer of Snitch, shared his thoughts on the brand’s expansion, saying, “The brand consistently lays all the emphasis on developing a superlative product at low cost, and ROI-driven marketing.” It is one of the most exciting D2C fashion brands because of our customer-focused strategy and excellent product quality, and we intend to keep taking these modest steps to reach our next major objective for Snitch: reaching Rs. 350 crores by the end of 2025.”