New Delhi: Brand Studio Lifestyle, a house of fashion brands has achieved a gross merchandise value (GMV) of Rs 1,320 crore in the previous fiscal FY23 and targets a GMV of Rs 2,000 crore in the fiscal year 2024, the company said in a media release on Saturday.
This ambitious goal is driven by the company’s identity as a tech-enabled, intelligent fashion business, home to popular youth-oriented fast fashion brands like Highlander, Tokyo Talkies, Vishudh, Locomotive, and Ketch.
With the flagship brands, it is on an annual run rate (ARR) of Rs 1900 crore.
Started in 2015, Brand Studio Lifestyle has shown a compounded annual growth rate (CAGR) of 38% and a continuous expansion of its operations. In the current fiscal year, the company anticipates a 30%+ year-on-year growth rate from existing channels and categories and additional growth from new business initiatives.
Headquartered in Bangalore, the company has design offices in Bangalore and Delhi, a sourcing office in Bangladesh, and a global sourcing network. About 90 percent of the company’s revenue comes from online leading online marketplaces and the remaining 10 percent from its Direct-to-Consumer (D2C) initiative – Getketch.com and Ketch App and offline Shop-in-Shop formats.
Shyam Prasad, CEO, Brand Studio Lifestyle, 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 I, II & III 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.”
He further added, “Currently, we introduce 800 fresh styles each month, a figure that places us at the forefront of the Indian industry. Our goal is to increase this number to over 2,000 options per month within the next 12 months putting us in the same league as fast fashion players globally. We possess the capability to swiftly deliver new trends to consumers within 8 weeks of identifying a promising fashion trend. Our daily order processing rate now stands at approximately 80,000 units. We collaborate with 300 sourcing vendors across the country, having a combined capacity of 25 lakh units per month. We have ambitious plans to scale this capacity to 35 lakh units, monthly, within the next 18 months.”
