Fashion brand Beyoung said it has entered into physical retailing with its first store, part of its plan to open 300 outlets within the next three years.
So far, the brand captured a large part of the online market in tier 2-4 cities and said it has a broader target to strengthen its omnichannel presence by expanding in both channels. “This is a huge step in our journey of offline expansion in tier 2,3, and 4. We are looking forward to offering quality products in many more cities. We will also be adding more categories in the year ahead,” said Shivam Soni, founder, Beyoung which opened its first door at Bhilwara, Rajasthan.
Founded in 2018 from Udaipur, located in Rajasthan, Beyoung has a current GMV of Rs 200 crore and it has a target to achieve Rs 650 crore GMV in the next three years.
As the world’s second-most populated country, India is an attractive market for apparel brands, especially with youngsters increasingly embracing western-style clothing. Within the apparel space, several brands including H&M and Puma get over 40-50% of their revenues from online, indicating increased affinity towards ecommerce channels post the pandemic.
The fashion and lifestyle e-commerce market will be a $35-40 billion market by 2027 and within D2C alone, there is an addressable market of at least $15-20 billion, experts say.
As D2C brands continue to evolve and expand their footprint, the integration of online and offline channels emerges as a strategic imperative, enabling enhanced consumer engagement and market penetration.
“Seven years ago, there were several brands with internet only or internet first, but to become large they need to go omnichannel,” said Mandar Dandekar, Partner, Sorin Investments at the Phygital Retail Convention held in Mumbai.
India’s D2C market is estimated to reach a size of $100 billion by 2025 after having grown exponentially in the last few years driven by 200 million odd digital shoppers in the country.
Several malls are opening up to get D2C brands across their outlets as established brands in such segments are today going offline after having tasted success online. Over 100-odd D2C brands have established themselves in India.
