21 November 2024, Mumbai
With an aim to establish itself as the ‘Primark’ of India, value-driven fashion retailer Citykart plans to expand its product range to Tier II and III cities besides focusing on affordable fashion for the entire family, says Sudhanshu Agarwal, Director, Citykart. The retailer aims to cater to a broader customer base while retaining its existing shoppers, rather than raising the average selling price, adds Agarwal.
Also expanding its general merchandise category, Citykart is introducing new sub-categories, such as cosmetics. Currently, men's wear contributes 32 per cent of its products while women's wear makes up for 24 per cent, and children's clothing represents the remaining 22 per cent.
Citykart operates 127 stores across 87 cities, primarily in regions like Uttar Pradesh, Bihar, Assam, Odisha, West Bengal, Jharkhand, and Chhattisgarh. By the end of this fiscal year, the company aims to increase its store count to 150 by adding 40 more locations in 25 new cities next fiscal year.
In FY24, Citykart’s revenue increased by 20 per cent to Rs 628 crore from Rs 524 crore in the previous year. The company’s EBITDA margins improved from 3.9 per cent in FY23 to 6.1 per cent in FY24. Looking ahead, Citykart aims to increase its revenue to a range of Rs 950 crore- Rs 1,000 crore by the end of the current fiscal year, with an EBITDA margin of 8-9 per cent.
