28 July 2022, Mumbai:
E-commerce roll-up firm Mensa Brands plans to expand into a $300-million business in the next five years.
On June 23, this year, the company acquired four direct-to-consumer (D2C) brands — Karagiri, Anubhutee, Ishin, and Priyaasi — in the category in the last one year.
These brands contribute about 20 percent of Mensa Brands’ run rate currently.
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Of late, several retailers, even in the offline segment, have made a beeline for the ethnic wear segment. Reliance Retail, last year, announced the launch of its ethnic wear brand Avantra.
The company will be launching a chain of stores under the brand, the first of which will soon come up in Bengaluru. Aditya Birla Fashion and Retail has acquired a majority stake in designer label Sabyasachi and a 33 percent stake in another designer label TarunTahiliani.
According to market estimates, the market for ethnic, men’s, and women’s wear are valued at about Rs 1.5-lakh-crore. Experts say that about 88 percent of the ethnic wear market is unorganized in India.
The organized market, hence, is valued at Rs 17,000-18,000 crore. In the organized segment, about 40 percent of the market belongs to brands in the value segment, 30 percent is commanded by premium brands, and 30 percent by luxury brands.
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