Zivame, the Indian lingerie brand is planning to open more stores by the end of next fiscal year with a budget allocation of around Rs. 40 crores for its plan. It has the target to open offline stores from current 26 to 100 by the end of FY 2019.
Zivame is also planning to operate on e-commerce platform in order to revitalise its declining retail business. The intimate wear brand is trying to capitalise on the opportunity as the innerwear market in India is likely to reach 6 billion US Dollar by 2021 from the current 4 billion US Dollar.
Zivame, founded in 2011 with the vision of helping women uninhibitedly shop for intimate wear, however, reported net sales of around Rs. 53 crores in FY 2017 as against Rs. 62.6 crores in FY 2016, down by around 15 per cent. Its operating losses reached Rs. 56.5 crores from Rs. 53.3 crores in FY 2016, as reported.
The retailer has been dynamically re-locating its retail stores using artificial intelligence to offer information about the availability of products, resulting in higher footfall at the stores, Shaleen Sinha, CEO, Zivame said.
Last year, Zivame announced its plans to set up at least three dozen stores across the country and try its hands in womenswear segment as well. The retailer is also considering to launch new categories like active wear and others soon.
– Apparel and Textile News, Apparel Talk, Indian Apparel
