Men’s fashion brand Snitch is set to broaden its footprint in smaller cities and towns, with plans to launch 7-8 offline stores in locations such as Surat, Mumbai, and Pune in the current financial year, according to a statement from the company’s founder, Siddharth Dungarwal. Despite already having a strong presence in Tier-1 and Tier-2 cities, the brand aims to delve deeper into Tier-3 and Tier-4 markets in its expansion strategy.
“The next set of strategies for us is to penetrate deeper into the tiers and geographies, into the Tier-3 and Tier-4 plus in terms of team building,” Dungarwal told PTI.
“Expanding our offline stores now, we’ll be doing at least seven to eight offline stores in places like Surat, Mumbai, Pune, and Hyderabad by FY ’24,” he added.
The fashion brand started its journey as a B2B player in 2019. It expects a revenue of Rs. 250 crore in the current fiscal. “We did Rs. 11 crores in FY ’21 in terms of net revenue, in year two we did Rs. 44 crores in revenue (FY ’22). In our third year, we closed at Rs. 110 crore in FY ’23, and this year we should close at Rs. 250 crore.”
The company launched their app about two years ago with over two million downloads of the app and 55 per cent of the revenue coming through the same, Dungarwal said.
We’ve acquired about 1.5 million customers till now, and our target is to reach a sort of 25 million plus consumers in the next four years, he added. The bootstrapped company plans an IPO by FY ’29, Dungarwal said.
