trueBrowns, a homegrown urban ethnic lifestyle brand has recently forayed into the men’s wear segment and expects it to contribute 10 per cent of the overall revenue this fiscal, Udita Bansal, founder, trueBrowns told ETRetail in an interaction.
The brand, which has launched 40 SKUs under the men’s wear segment, is eyeing 100 per cent plus growth in the segment by the next fiscal year-end.
“At 30 per cent, the ethnic wear segment is the largest segment of the $6 trillion domestic apparel market in India. 20 per cent of this overall ethnic wear market is the organized sector and is growing on a 30-40 per cent like-to-like growth, and clearly, we want to capture this market, which is about Rs 35,000 to 40,000 crore market,” Bansal said.
“We have established ourselves as an urban ethnic wear brand in the women’s wear category, and our ideology, our brand language, and our product language are going to be similar for men’s wear,” she further added.
To enter the men’s wear segment, the brand has spent Rs 1.5 crore on product and marketing. From this festive season itself, it is expecting 3.5x ROI.
“We feel the festive season is the best time to actually try the market for this particular category and the idea is to invest more as we grow into the further seasons,” she explained.
At present, D2C contributes to 70 per cent of the revenue of the brand, offline contributes 5 per cent and the rest 25 per cent comes from e-commerce marketplaces.
The urban ethnic lifestyle brand has recently forayed into the offline space and has q presence across 10 SIS in Shoppers Stop, Iconic, and Nykaa offline stores.
The brand is planning to open 3-4 more SIS this fiscal and also looking at entering MBOs in the tier II cities.
“We are also planning to open 3-5 EBOs by Q1 of the next fiscal. As we get our core business from Delhi and Bombay, we plan to open our first 2-3 EBOs in these cities. We’re looking at an average store size of 800 sq ft. We’re looking at both high streets and leading malls to open our stores,” she said.
At present, international markets contribute to about 25 per cent of the overall business of the brand. 55 per cent of its international business comes from the US, 10 per cent from the UK and the remaining 45 per cent comes from the remaining countries.
“From the last year, we’ve seen a 150 perc ent growth in our international business. In the next 3 years, we see our international business growing to 40 per cent of the overall business,” she said.
In the next 2 months, the brand is also planning to start exporting to Dubai.
The brand is expecting growth of over 90 per cent in FY24 over FY23.
