Lifestyle brand Nicobar has crossed Rs. 200 crore (US $21.28 million) in revenue, with plans to scale retail presence and deepen focus on high-growth categories while maintaining profitability.
Co-founder Raul Rai stated that the company had adopted a model centred on profitable growth, reaching a scale of just over Rs. 200 crore (US $21.28 million) with a network of 29 stores. He noted that approximately 65% of revenue was generated through retail, with the remaining 35% coming from online and corporate sales.
The brand, which operates entirely through company-owned stores, is set to expand its physical footprint further. Rai indicated that Nicobar plans to open two additional stores this year, taking its total to 31 outlets across 17 cities. He added that store sizes typically range between 1,000 and 2,500 square feet, with capital expenditure estimated between ₹3,000 and ₹6,000 per square foot.
Nicobar’s portfolio is diversified across womenswear, menswear, home and gifting, and jewellery and accessories. Rai stated that women’s wear contributes the largest share of revenue, followed by home and gifting, while men’s wear and accessories form smaller but growing segments.
Looking ahead, the company is prioritising expansion in high-potential categories, particularly gifting, including the development of a gifting concierge service and scaling corporate gifting operations. Rai added that menswear represents another key growth area for the brand.
E-commerce currently accounts for around 30%–35% of the business and is driven primarily through the company’s own platform, supplemented by a recent partnership with Tata CLiQ Luxury. Rai noted that Nicobar continues to maintain healthy profitability while targeting consistent growth of around 30%, with EBITDA margins in the range of 11%–14%.
As part of its brand-building initiatives, the company is also investing in design collaborations. Rai stated that Nicobar has partnered with Rajesh Pratap Singh, with a new collection scheduled for launch in April.
