Libas, a prominent ethnic wear fast fashion brand, has announced ambitious expansion plans under the leadership of its founder and CEO, Sidhant Keshwani. The brand currently operates 15 exclusive brand outlets (EBOs) and plans to open 100 EBOs by the end of the fiscal year 2026. In the short term, Libas aims to add 10 new EBOs before Diwali and targets having 50 operational stores by the end of this fiscal year.
“We plan to open our EBOs in metro cities first, followed by state capitals, and then we will penetrate deeper into India. At present, all our stores are company-owned and company-operated, but we plan to explore a franchise-owned and company-operated model in the future,” Keshwani stated.
Libas stores typically range from 1,000 to 1,500 square feet, with a capital expenditure (CAPEX) of Rs. 3,500-4,000 per square foot. Recently, the brand raised its first round of funding, amounting to Rs. 150 crore, from IAF Series 5, a fund managed by ICICI Venture, to accelerate its expansion plans, supply chain, and technology innovations.
In addition to its EBOs, Libas is also present in over 500 multi-brand outlets (MBOs) like Shoppers Stop, Lifestyle, and Reliance Trends. Currently, 60% of the brand’s revenue comes from online marketplaces, while the remaining 40% is generated through offline channels. The average order value and customer acquisition cost online are Rs. 1,800 and Rs. 250, respectively.
In September 2023, Libas launched a new brand, Libas Art, offering festive wear. The brand currently offers 400-450 SKUs and, as a fast fashion brand, introduces 80-100 new options weekly, totaling over 5,000 SKUs. Within the first month of its launch, Libas Art registered a revenue of Rs. 1-1.5 crore and is eyeing a threefold growth this festive season.
Libas also expanded into international markets, including the USA, UK, UAE, and Australia, in January of the last fiscal year. The brand is currently generating a run rate of Rs. 15-20 crore from its international operations and has no immediate plans to enter new countries.
Having closed the last fiscal year with a gross merchandise value (GMV) of Rs. 20 crore, Libas is aiming to achieve Rs. 750 crore GMV this fiscal year and targets Rs. 1,000 crore GMV in the next fiscal year.
