Libas achieves Rs 500 crore revenues in FY24
Marking a significant achievement in its growth journey, a prominent player in India’s ethnic wear market, Libas crossed the milestone of achieving Rs 500 crore revenues in FY24. To further strengthen its brand presence, the brand appointed Bollywood actress Kiara Advani as its brand ambassador, with an aim to leverage the expanding potential of India’s organised apparel sector.
Founded by Zivore Apparel, Libas has been operating on a bootstrapped model since its inception, steadily building a strong online presence on platforms like Flipkart and Myntra. The brand has also expanded offline, with 13 exclusive brand outlets (EBOs) and placements in over 400 large-format stores such as Lifestyle and Shoppers Stop.
Sidhant Keshwani, who took over the reins of the brand in 2013 as its CEO is determined to modernise the brand. Keshwani led the brand’s growth into the e-commerce sector by launching its online retail platform. Under his leadership, Libas achieved a 100 per cent Y-o-Y revenue rise to reach Rs 600 crore within eight years.
In May 2024, Libas raised Rs 150 crore from IAF Series 5, managed by ICICI Venture. The brand plans to use this capital to expand its omnichannel presence, increase offline retail footprint, and enhance marketing and technology capabilities. Last year, the brand’s investments in technology for its website and supply chain management led to Libas experiencing around, 60 per cent growth, notes Keswani.
Looking ahead, as the market continues to evolve and mature, India will witness the rise of several new remarkable companies in the next decade, he predicts.
