With a focus on GenZ , Newme, a Bengaluru-based start-up is geared up to build a homegrown fashion brand, similar to Urbanic or Shein.
Targeting 375 million Indian GenZ customers, especially the 50 million who are on Instagram, Newme, the start-up launches 500 fresh designs every week and has plans to double the same.
As per a report of Inc 42, having the strength of an in-house team for designers to supply chain, it is also investing in data science and building a tech stack to efficiently launch fresh designs every week.
It has seen 30 per cent month-on-month growth in terms of new users. Currently, the customer acquisition cost of Newme is 30 per cent of the average order value and the target is to down to at least 25 per cent.
Newme was launched in 2022 and focuses on western wear for female. It reaches to the consumers directly. It follows a low inventory model, and keeps two weeks’ worth of inventory, compared to three months inventory maintained by most fashion brands.
Newme is highly focussed on Tier-2 and Tier-3 cities, and 70 per cent of its orders come from non-metro cities.
Sumit Jasoria, co-founder and CEO of Newme claims that Newme is trying to bridge a gap as marketplaces like Myntra, Ajio and others only offer mass-produced designs. Contrary to the popular belief of ‘the more the reviews the merrier the sales’, GenZ tends to buy items that have fewer user reviews.
