The brand plans to open six new stores in the region with an expected monthly revenue of Rs 3.5-5 crore
New Delhi: Bengaluru-based omnichannel fashion brand Snitch plans to open six new stores in the month of August in Maharashtra, a company top executive said.
“We have one store in Pune, opening another this week, and planning to open four more stores in Mumbai this month,” said Chetan Siyal, chief marketing officer, Snitch.
“We’re looking at Rs 3.5 crore – Rs 5 crore monthly revenue with six stores in Maharashtra for the time being and will eventually scale,” he added.
IndiaRetailing had earlier reported that the brand is eyeing expansion in South India with a focus on Kerala and Tamil Nadu. At present, the brand operates stores in cities including Bengaluru, Surat, Vadodara, Gandhinagar, Pune, Ahmedabad, and Hyderabad.
In the men’s fashion e-commerce segment, Snitch has captured a 2.4% market share and reported a remarkable 130% increase in sales compared to the previous fiscal year. Since opening its first store in July of last year, the brand has been on an aggressive expansion trajectory, aiming to establish 20-30 new stores by the end of this fiscal year, aspiring to be the “Zara of India.”
Snitch’s diverse product portfolio includes men’s clothing, shoes, perfumes, and sunglasses, with an impressive sales rate of 15 units per minute across both online and retail platforms. The brand’s growth is further bolstered by its recent success in raising Rs 110 crore in its Series A funding round.
