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HomeAccesoriesGo Fashion to open 120-130 stores year-on-year, Retail News, ET Retail

Go Fashion to open 120-130 stores year-on-year, Retail News, ET Retail

 (Representative image)
(Representative image)

Go Fashion (India) Ltd, a listed apparel firm, said it invest in opening around 120-130 new stores year on year as well as omnichannel for smaller towns and cities.

The brand, which sells women’s bottom-wear clothing under Go Colors, is boosting omnichannel engagements for a seamless consumer experience, building on a technology-driven growth strategy to reach consumers in Tier-I to Tier-III cities, and realizing its expansion plans for current and emerging markets, it said in a statement after opening its 500th exclusive brand outlet in India.

“Achieving the milestone of having 500 stores is a 5-year-old dream come true for us. We look forward to continuing our innovative and creative approach to launching more designs while providing more brand destinations for our consumers and achieving many such milestones in the years to come,” said Gautam Saraogi, CEO, Go Fashion India after opening the store in Pune.

The company was founded in 2010 and has an 8% market share in the branded women’s bottom wear market.

The women’s bottom wear business is expected to grow from Rs 13,500 crore in FY20 to Rs 24,300 crore by FY25, representing a 35% increase. Go Colors would be tapping into this significant growth potential and further extending its market share. The D2C brand utilizes its first-mover advantage in the bottom-wear category with a sharp pricing strategy, with its products available across various colors and styles, it said.

According to a recent ICICI Securities report, the overall women’s bottom wear market is inclined toward the unorganized sector and in FY20, its share was at 77% with the organized share at 23%.

“With tailwinds towards the organisation of the women’s bottomwear sector, the organized share is expected to reach Rs92.4 billion having a share of 38% share in FY25E with a CAGR of 24.3% till 2025. The fragmented nature of the industry and the lack of organized players and limited branded competition positions Go Colors to benefit from the growth in the bottom-wear segment,” the report added.

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