The expansion strategy fits with a larger vision to introduce 300 stores and aims to achieve a GMV of Rs 650 crore by 2027
Fashion brand Beyoung has embarked on an offline expansion plan this year. After recently unveiling its Bhilwara store, the company has extended its offline presence with its new store in Kota.
This expansion spree aligns with its target to strengthen its omnichannel presence by expanding to over 300 stores within the next three years. The direct-to-consumer company aims to launch 100 new stores this fiscal year. “It’s a major step in our journey of offline expansion in tier 2, 3 and 4 cities. We aim to offer quality products in every Indian city. We will also be adding more categories in the year ahead,” said Shivam Soni, Founder, Beyoung, at the launch of the Kota store.
Beyoung’s product range includes plain t-shirts, joggers, cargo pants, urban shirts and other men’s and women’s fashion wear.
The Indian fast fashion market is growing rapidly and is expected to reach 28.84 billion USD by 2030, with a compound annual growth rate (CAGR) of 16.5 per cent from 2023 to 2030. Having a customer base of 3 million at present, the company is aiming for a big share of this tier 2-4 market. Beyoung has a current gross merchandise value (GMV) of Rs 200 crore and is eyeing a target GMV of Rs 650 crore in the next three years. Beyoung has also laid out a global expansion plan.
In the domestic market, Beyoung will continue to focus on offline expansion in its highest-serving tier 2, 3 and 4 cities. The brand plans to open over 30 stores by the end of December 2024 in tier 2, 3 and 4 cities in states like Rajasthan, Uttar Pradesh and Tamil Nadu. It is working on scaling up its marketing efforts, technology and logistics to improve the overall customer buying experience.
