Women’s ethnic wear brand Soch announced that it has crossed the Rs 400 crore mark in topline revenue during the fiscal year 2022-23. The Operating EBITDA for the year was at Rs 36 crore (~9 per cent). “Most fashion retailers struggled to hit profitability due to sector headwinds in the last two quarters. Soch showcased exceptional adaptability and brand resilience as demonstrated in its performance,” it said in a statement.
Further, Soch launched 18 new stores in the previous year, with plans to double the number of new stores in the current year. Soch crossed the 150 stores mark in August 2022. The brand is now present across 60+ cities, on all prominent marketplaces and its e-commerce site servicing over 30,000 pin codes.
Soch also recorded a growth of 125 per cent in revenue from its online business from Rs 19 crore to Rs 44 crore. “The brand’s recent innovative Omni-channel approach, introducing Digital Tabs in stores, has garnered praise for providing customers with an ‘Endless Aisle’ experience, offering five times more choices than an average brick-and-mortar store. Moreover, the introduction of digital catalogues and look books have enhanced the shopping journey, exemplifying its omni channel initiative,” it said. The brand’s online business is expected to continue the growth from the current 11 per cent share in the revenue to a 20 per cent contribution to the revenue by 2026.
Vinay Chatlani, CEO, Soch, said, “Our success is a testament to the dedication and hard work of the entire Soch team. With a well-defined vision, we aim to achieve the Rs 1000 crore mark within the next 3-4 years.”