Women’s workwear brand FS Life aka FableStreet, plans to launch two more stores at two different locations – Phoenix Palladium mall in Mumbai and Phoenix Mall of Millennium in Pune. “We used to have one store at DLF Promenade, Delhi, which we launched in January 2020 and unfortunately we had to shut it down because of the lockdown in 2021. After that we focused completely on online which has grown exceptionally for us during the covid phase. We grew about 10X in revenue in the last two years and now is the right time to go back and capture the offline market as well,” Adarsh Sharma, chief business officer, FS Life, told BrandWagon Online. The company launched a store in Kurla, Mumbai on September 22, 2023.
The company increased its revenue from operations 144% to Rs 26.97 crore in FY22 from Rs 10.14 crore in FY21, as per the regulatory accesses by business intelligence platform, Tofler. “The revenue split between D2C and the ecommerce platform is 50-50. As compared to FY22, we doubled our revenue in FY23 and closed our filing at around Rs 60 crore,” Sharma added. The filings are yet to be accessible on the Ministry of Corporate Affair’s site. The company’s net loss narrowed 25.32% to Rs 1.74 crore in FY22 to Rs 2.33 crore in FY21. “While we are still not profitable, we run a tight ship and our loss for FY23 is about 15% of total revenue. In FY22, we were about five percent in red, and have seen a small increase this year with focus on growth,” he said.
The company which sells women’s workwear claims to have an average price of Rs 2,000. Its products are targeted at working women between the age of 25-45 years. It further claims LivIn Pants, which was launched during covid when work-from-home was at its peak, is its best selling product. Moreover, the company was predominantly D2C and forayed into the marketplace including Myntra, AJIO, Nykaa, Tata Cliq, among others, in 2019. “The niche fashion-places such as Myntra and AJIO are a lot stronger. Thus, our focus is on that side more rather than horizontals such as Amazon and Flipkart. When it comes to the physical market, Mumbai, Bengaluru and Delhi are the three strongest markets, followed by Pune,” he stated.
Interestingly, the company has not disclosed its advertising and marketing spends in the filings but claims to spend on the online advertising mediums including Google and Meta platforms. Furthermore, it claimed that it uses influential marketing as a tactical strategy. “All our marketing spends are digital only and we spend about 25% of our revenue on marketing activities. We try to keep a tight control on marketing cost, and it remains between 25-30%. So the cost is similar to FY22, though there is some increase given we did our first ever brand campaign. Our advertising spend in FY24 will also be in the above mentioned range,” Sharma explained. As per filing 25% of Rs 2.69 is about Rs 6.75 crore in FY22.
As per the company, there is no direct cost of acquisition for e-commerce, however it does spend on marketing to drive growth. “As far as the D2C channel is concerned, we operate at about 30-40% of our revenue as the customer acquisition cost,” he added. Furthermore, the company will launch its festive collection ‘FableStreet X Pink Fort’ with its modern Indian wear brand called ‘Pink Fort by FableStreet’.