09 November 2024, Mumbai
Operated by Actoserba Active Wholesale, popular online lingerie retailer Zivame widened its net loss for the FY’24 by 34 per cent to Rs 39 crore, as per data from business intelligence platform Tofler.
The company’s sales also registered a steep decline during the period. As per Tofler data, sourced from the Registrar of Companies (RoC), Zivame’s revenue for FY 2023-24 declined by 42 per cent to Rs 193 crore. The company's total expenditure for the year amounted to Rs 234 crore.
Acquired by Reliance Retail in 2020 for approximately $160 million as part of the conglomerate’s expansion into the lingerie and fashion sector, Zivame has faced several challenges in maintaining growth. The company’s market position also received a fillip on account of Reliance’s expansion strategy that also included expansion of other prominent brands like Clovia and Amante.
Highlighting the strategic importance of these investments, Mukesh Ambani, Chairman, Reliance Industries, states, the acquisition of brands such as Kalani kethan, Zivame, Clovia, Amante, and Urban Ladder had fortified Reliance’s market presence.
The Indian innerwear market continues to show growth potential, with Wazir Advisors projecting the sector to expand from Rs 61,091 crore in 2023 to Rs 75,466 crore by 2025. Women’s innerwear and comfort wear accounts for 60 per cent of this market, emphasising the sector's substantial contribution to the overall industry.
