The bootstrapped ethnic apparel brand’s immediate focus is on establishing offline stores in India
New Delhi: Mumbai-based D2C ethnic apparel and fashion brand Mirraw eyes a revenue of around Rs 125 crore in the ongoing financial year (FY) 2023-24, an increase of over 20% compared to the last year, its top executive told IndiaRetailing.
In addition, the D2C brand has chalked out a robust growth plan. “We have several strategic initiatives in place, including the introduction of new product lines, enhancements to our marketplace platform and an increased focus on domestic markets,” said Shailesh Jain, co-founder of Mirraw.
In the first quarter (Q1) of the calendar year 2024, Mirraw saw a 25% growth from February to March driven by marketing campaigns and the launch of newer collections.
“Sales were steady as we continued to build on the strong performance from the holiday season, reflecting a growing interest in our new collections and seasonal promotions,” said Jain.
The company now focuses on growing its presence in India through offline stores. “We are particularly looking to capitalize on the southern part of India, where there is a rich tradition of ethnic wear and a strong demand for high-quality, culturally relevant products. This region represents a significant growth opportunity for us,” Jain added.
Once the bootstrapped company establishes a strong presence in the country it will turn its attention to international expansion.
“Once we have solidified our presence in the domestic market, we plan to expand into key international markets such as the United States, United Kingdom, and Australia,” said Jain.
In addition, the company also plans to continue to focus on tier 1 regions across the country. In 2023, its top-selling products varied between domestic and international markets. Jewellery was the top-selling category whereas Salwar Kameez and Anarkali suits were the most popular in the international market.
“Going forward, we are excited to broaden our focus to include men’s and kids’ wear as well as adding diverse designs in categories such as leggings, bags, and footwear, to meet the evolving needs of our customers better,” added Jain.
The company is also working on the premium segment with Mirraw Luxe with plans to launch luxury ethnic wear and designer collections.
Being a digital-first company Mirraw is strong on technology working with leading service providers to improve operational efficiency. “In terms of order management, GoKwik, a Delhi-based e-commerce enabler company has been helping us reduce the Return to Origin (RTO),” said Jain.
Mirraw also uses GoKwik’s advanced analytics capabilities to make data-driven decisions to drive business growth.
“GoKwik’s Cash on Delivery (COD) intervention feature has been instrumental in driving more prepaid orders. By incentivizing prepaid orders and offering benefits such as discounts or waived COD charges, users are encouraged to opt for prepaid payment methods, resulting in a smoother transaction process and improved order fulfilment efficiency,” added Jain.
