Brand Studio Lifestyle, a house of fashion brands is expecting its gross merchandise value (GMV) to touch Rs 2,000 crore ($241 million) in the fiscal year 2024, as against Rs 1,320 crore generated in the previous fiscal.
In the current fiscal year, the company expects 30 percent year-on-year growth rate from existing channels and categories.
The company claims that currently its flagship brands are an annual run rate of Rs 1,900 crores and expects to double it by next year to achieve its target.
Brand Studio generates 90 percent of its revenue from leading online marketplaces while the remaining 10 percent comes from its direct-to-consumer initiative ‘Getketch’ and offline shop-in-shop formats.
Commenting on the growth, Shyam Prasad, CEO, Brand Studio Lifestyle in a statement said, “India is a young country, and the population of millennials, Gen Z and Gen Alpha is among the largest in the world. In the next 5-7 years India will have over 1 billion internet users and half of them will be youth. With a growing economy, the market growth targeted at Gen Z will witness an unprecedented and transformational growth. This growth will be distributed across tier 1, 2, 3 cities and towns.”
“We at Brand Studio Lifestyle, being a trend and fashion driven business targeting the youth, are expecting to capitalize on this huge opportunity both in India and globally. We have already seen this shift in the last 8 years since we started the business, going from Rs 100 crore GMV in year one to an expected GMV of Rs 2000 crore in FY24. This gives us validation that we are in perfect alignment with our target consumer,” he added.
Founded in 2015, Brand Studio Lifestyle has brands like Highlander, Tokyo Talkies, Vishudh, Locomotive, and Ketch.
Copyright © 2023 FashionNetwork.com All rights reserved.