Brand Studio Lifestyle eyes Rs. 2,000 Cr GMV by end of FY24
BENGALURU, India, Sept. 29, 2023 /PRNewswire/ — Brand Studio Lifestyle, India’s fastest-growing house of fashion brands has set its sights on achieving a Gross Merchandise Value (GMV) of Rs 2,000 Crores in the fiscal year 2024. In the previous fiscal, Brand Studio generated a GMV of Rs 1320 crore.
This ambitious goal is driven by the company’s identity as a tech-enabled, intelligent fashion business, home to popular youth-oriented fast fashion brands like Highlander, Tokyo Talkies, Vishudh, Locomotive, and Ketch. The company is well on track to achieve its target, with the flagship brands on an annual run rate (ARR) of Rs.1900 Crores.
Commencing operations in 2015, Brand Studio Lifestyle has demonstrated consistent growth since its inception. In the last 8 years, the company has shown an impressive compounded annual growth rate (CAGR) of 38% and a continuous expansion of its operations. In the current fiscal year, the company anticipates a 30%+ year-on-year growth rate from existing channels and categories and additional growth from new business initiatives.
Headquartered in Bangalore, the company has design offices in Bangalore and Delhi, a sourcing office in Bangladesh, and a global sourcing network. About 90 percent of Brand Studio Lifestyle’s revenue comes from online leading online marketplaces and the remaining 10 percent from its Direct-to-Consumer (D2C) initiative – Getketch.com and Ketch App and offline Shop-in-Shop formats
Launched in 2021, Getketch.com has over 23 lakh customers, 10 Lakh app downloads and offers a curated fashion experience to customers. Getketch.com exclusively retails all the brands from the Brand Studio Lifestyle portfolio. The company is targeting a GMV of 150 Crore from the D2C Business.
Mr. Shyam Prasad, CEO, Brand Studio Lifestyle Pvt. Ltd., said, “India is a young country and the population of millennials, Gen Z and Gen Alpha is among the largest in the world. In the next 5-7 years India will have over 1 billion internet users and half of them will be youth. With a growing economy, the market growth targeted at Gen Z will witness an unprecedented and transformational growth. This growth will be distributed across Tier I, II & III cities and towns. We at Brand Studio Lifestyle, being a trend and fashion driven business targeting the youth, are expecting to capitalize on this huge opportunity both in India and Globally. We have already seen this shift in the last 8 years since we started the business, going from Rs.100Cr. GMV in Year One to an expected GMV of Rs.2000 Cr in FY24. This gives us validation that we are in perfect alignment with our target consumer.”
He further added, “Currently, we introduce 800 fresh styles each month, a figure that places us at the forefront of the Indian industry. Our goal is to increase this number to over 2,000 options per month within the next 12 months putting us in the same league as fast fashion players globally. We possess the capability to swiftly deliver new trends to consumers within 8 weeks of identifying a promising fashion trend. Our daily order processing rate now stands at approximately 80,000 units. We collaborate with 300 sourcing vendors across the country, having a combined capacity of 25 lakh units per month. We have ambitious plans to scale this capacity to 35 lakh units, monthly, within the next 18 months.”
From its early boot-strapped days, the founders of Brand Studio Lifestyle recognized the importance of building a fashion business centered around the consumer. Using a unique data-driven model, which guides the process from design to delivery, the company is able to efficiently deliver the latest trends that resonate with consumers. Brand Studio has built a unique, agile and scalable fast fashion delivery eco system and robust brands to meet consumer demand.
The company has expanded its team multifold – from 20 employees including the founding team, to a workforce of over 700 employees today. The warehouse space has also seen remarkable growth, increasing from 20,000 square feet to nearly 400,000 square feet capable of holding more than 1.5 Crore garments at any point of time. This expansion indicates the burgeoning demand for fashion in tier 2 and tier 3 cities across the country.
About Brand Studio Lifestyle Pvt. Ltd.
Brand Studio Lifestyle Pvt. Ltd., founded in 2015 and based in Bangalore, Karnataka operates as a House of Fashion Brands that offers a diverse range of fashion clothing under 5 brands ― Highlander, Tokyo Talkies, Vishudh, Ketch and Locomotive. In 2021, the company introduced Getketch.com and launched the D2C website and app. Brand Studio Lifestyle champions consumer-centric fashion trends through digital platforms.
Brand Studio Lifestyle is home to five distinct brands designed to cater to the complete wardrobe needs of young men and women, offering options for every occasion and mood, all day, every day. Spanning an entire gamut of fashion categories from men’s wear to women’s western wear and ethnic wear, Brand Studio Lifestyle fulfils the demand for affordable, trendy, and dynamic fashion brands online. The company’s innovative business model is the result of the founding team’s combined experience in design, sourcing, manufacturing, supply chain management, and retail.
View original content:https://www.prnewswire.com/in/news-releases/brand-studio-lifestyle-eyes-rs-2-000-cr-gmv-by-end-of-fy24–301942891.html
