Accessories brand Joker & Witch is planning to be a Rs 500 crore in the next 4-5 years on the back of a 3-pronged approach – offline expansion, product category expansion, and foraying into adjacent consumer segments, Satish Singh and Maya Varma, co-founders of Joker & Witch and Teejh told ETRetail.
The bootstrapped brand plans to close this fiscal year with an ARR of Rs 150 crore.
It is looking forward to opening stores spanning across 200-400 sq.ft with each store having an EBITDA profitability from the first month of its operations.
“70-80 per cent of our stores will be in metro and tier I cities. Initially, we will be opening COCO stores and then gradually might evaluate franchising opportunities as we scale,” they asserted.
“Location strategy for us will be in line with how the D2C geographical distribution looks for us at this point in time. Metro and tier I cities will have nearly two-thirds of our stores with the maximum number of stores in Delhi/ NCR followed by Mumbai and Bengaluru,” they further added.
Other cities where the brand is planning to open its stores are Pune, Chandigarh, and Hyderabad.
At present, 70 per cent of the revenue of the brand is contributed by metro and tier I cities, and the remaining 30 per cent comes from tier II and tier III cities.
“To expand our offline presence further, we might consider raising funds for capex purposes,” they asserted.
“At present, 70 per cent of our business comes from our D2C website and 30 per cent from marketplaces. Joker & Witch contributes 80 per cent of our revenue and the remaining 20 per cent comes from Teejh,” they further said.
Currently, Joker & Witch offers watches, sunglasses, jewellery, and other accessories, and going ahead it plans to expand further in the accessories segment which is size-agnostic like bags. Teejh, which offers traditional jewellery, potlis, and clutches, is looking to strengthen its latest offering – sarees.
“Both the brands put together, we offer 8,000 SKUs,” they concluded.
