Libas plans 50 new offline stores by 2023-end
30 April 2022, Mumbai:
Indian fast fashion ethnic wear brand Libas plans to set up 50 new offline stores in Tier II and III cities by the end of 2023. In the last six months, the company has opened three brick-and-mortar stores in Delhi.
Currently, present offline only in Delhi, the company plans to launch nearly five to six stores in metro cities such as Delhi, Mumbai, and Bengaluru over the next three to four months.
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The brand is expanding within metro cities due to the economic and e-commerce data it has.
The brand’s gross revenue grew by around 40-45 percent during FY22. The company claims it has set an 80-85 percent growth rate for all its major channels including retail stores, and D2C channels, among others.
The brand’s offline stores account for about 10-12 percent of the overall business, while the remaining 90 percent comes from online platforms.
Furthermore, online, e-commerce marketplaces such as Amazon, and Flipkart, among others account for 75-80 percent of the revenue, while the rest 20 percent comes from the company’s website.
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By the next two years, the brand expects the revenue split between marketplaces and offline channels to be equal.
The plans to launch its first campaign on digital platforms such as social media and OTT channels including Hotstar and Voot.
It recently launched a Spring Summer 2022 campaign #TheresAlwaysALibas with actress Sara Ali Khan. “
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