Latin Quarters aims for Rs 200 crore revenues by fiscal 2026-end
03 September 2024, Mumbai
New Delhi-based womenswear brand Latin Quarters targets revenues of Rs 200 crore by the end of fiscal year 2026. The company closed the previous fiscal year (FY24) with approximately Rs 108 crore revenues and is currently growing at an annual run rate of Rs 130-132 crore. It plans to grow its revenues at a monthly run rate of Rs 16 crore, says Rahul Bhalla, CEO.
Founded in 2006, Latin Quarters began as an offline brand focused on western wear, offering a variety of products, including apparel, jewelry, and handbags. The brand caters to women aged 24-40, with prices ranging from Rs 1,699 to Rs 7,499. Starting with its first store in Saket, New Delhi, Latin Quarters has expanded to 23 exclusive stores, and is currently present in over 400 department stores, including prominent retailers like Shoppers Stop, Pantaloons, Lifestyle, and Centro. The brand also has a strong online presence, selling through its website and on popular marketplaces such as Myntra, Nykaa, and Ajio.
Despite its robust online growth, the brand generates around 90 per cent of its revenues through physical stores. This year, the brand’s online sales are expected to grow by around 10 per cent though they are unlikely to replace the brand’s offline sales, affirms Bhalla. Latin Quarters currently sells over one lakh garments each month across its offline and online channels.
Adopting a strategic approach to retail expansion, Latin Quarters balances exclusive brand outlets (EBOs) with shop-in-shop models. Highlighting the importance of department stores in the brand’s growth strategy, Bhalla says, these enable Latin Quarters to expand its geographic reach by penetrating into smaller Tier-III and IV cities.
By the end of this year, Latin Quarters plans to open two new stores besides renovating two existing ones. It also plan penetrate the Middle East market through offline retail by the next fiscal year.
Latin Quarters refreshes its collections eight times a year, introducing around 250 new styles annually. The brand aims to introduce more subcategories within its existing range, such as leisurewear and occasion wear.
Allocating up to 3 per cent of its revenue to marketing, Latin Quarters employs both above-the-line (ATL) and below-the-line (BTL) strategies. Its marketing campaigns are increasingly region-specific, with a current focus on the East, followed by Diwali promotions in the North, and Christmas celebrations nationwide, adds Bhalla.
