Brand Studio Lifestyle, a house of fashion brands, announced that it has achieved a Gross Merchandise Value (GMV) of Rs 1320 crore in FY2023 and is aiming to achieve a GMV of Rs 2000 crore in the fiscal year 2024.
“This ambitious goal is driven by the company’s identity as a tech-enabled, intelligent fashion business, home to popular youth-oriented fast fashion brands like Highlander, Tokyo Talkies, Vishudh, Locomotive, and Ketch. The company is well on track to achieve its target, with the flagship brands on an annual run rate (ARR) of Rs 1900 crore,” it said in a statement.
Brand Studio Lifestyle commenced operations in 2015 and in the last 8 years, has registered a CAGR of 38 per cent and a continuous expansion of its operations. In the current fiscal year, the company anticipates a +30 per cent on-year growth rate from existing channels and categories and additional growth from new business initiatives. The company is headquartered in Bengaluru and has design offices in the city as well as in Delhi, a sourcing office in Bangladesh and a global sourcing network.
About 90 per cent of Brand Studio Lifestyle’s revenue comes from leading online marketplaces and the remaining 10 per cent from its Direct-to-Consumer (D2C) initiative – Getketch.com and Ketch App and offline Shop-in-Shop formats, the company said.
Shyam Prasad, CEO, Brand Studio Lifestyle Pvt Ltd, said, “In the next 5-7 years, India will have over 1 billion internet users and half of them will be youth. With a growing economy, the market growth targeted at Gen Z will witness an unprecedented and transformational growth. This growth will be distributed across tier -I, -II & -III cities and towns.”
“We at Brand Studio Lifestyle, being a trend and fashion driven business targeting the youth, are expecting to capitalize on this huge opportunity both in India and Globally. We have already seen this shift in the last 8 years since we started the business, going from Rs 100 crore. GMV in year one to an expected GMV of Rs 2000 crore in FY24. This gives us validation that we are in perfect alignment with our target consumer.”
He further added, “Currently, we introduce 800 fresh styles each month, a figure that places us at the forefront of the Indian industry. Our goal is to increase this number to over 2,000 options per month within the next 12 months putting us in the same league as fast fashion players globally. Our daily order processing rate now stands at approximately 80,000 units. We collaborate with 300 sourcing vendors across the country, having a combined capacity of 25 lakh units per month. We have ambitious plans to scale this capacity to 35 lakh units, monthly, within the next 18 months.”
The company has expanded its team multifold – from 20 employees including the founding team, to a workforce of over 700 employees today. The warehouse space has also seen remarkable growth, increasing from 20,000 square feet to nearly 400,000 square feet capable of holding more than 1.5 crore garments at any point of time.