The new store spread across 4,000 sq. ft. is the 4th from the brand and is situated at Brigade Road.
New Delhi: Bengaluru-based men’s fashion and apparel brand Snitch will open its largest store in the country in Bengaluru on Friday, a release shared exclusively with IndiaRetailing said on Thursday.
The new store spread across 4,000 sq. ft. is the fourth brick-and-mortar outlet from the brand and is situated in Bengaluru’s commercial district of Brigade Road.
“Our target is to enhance the offline retail experience for our customers and make a deep dive into customers’ choices and preferences. Our offline retail growth is certainly intended to help our customers have first-hand experience/touch and feel of the products, learn and experience new lifestyle trends, and witness a personal experience with the brand to make the best of choice purchases,” said Siddharth Dungarwal, founder & CEO, Snitch.
IndiaRetailing was the first to report about every expansion plan of the emerging brand starting from its plans to enter the city of Gujarat with plans to open almost 30-40 stores in the next couple of years.
The company is eyeing rapid offline expansion and in the last couple of months has been shoring up its top management by appointing Varun Muralidharan, former retail manager at Bestseller India, to lead retail operations and projects and Mayur Ashtekar from Rare Rabbit as lead for business development and offline expansion.
Last week, it also onboarded its first CTO Maruthy Ramgandhi to focus on developing the company’s product strategy towards innovation, bringing super-advanced and seamless customer experience.
Snitch witnessed twice the growth in gross merchandise value (GMV) from the first quarter Q1 to Q4 in the fiscal year 2023 and achieved 400 crore GMV with a projected GMV of RS 600 crore by the end of the fiscal year 2024, a company release said.
It has maintained a growth of 30-35% increase in average quarter-on-quarter (Q-o-Q) revenue in the last two years. With a recent development in offline retail by the brand, the company sees a 35-40% Q-o-Q increase in further sales and revenue as the company continues to expand its physical retail footprint with a plan of introducing 30-40 stores over the next two years.
Started in the year 2020 as a D2C brand, Snitch made headlines by appearing on Shark Tank India Season 2 and being the only brand to secure an all-Shark Deal. Snitch has also raised Rs 110 crore in its Series A funding round from Singapore-based venture capital firm SWC Global and Indian venture firm IvyCap Ventures.
