Sunday, February 25, 2024
HomeAccesoriesZouk goes omnichannel, opens first offline store in Mumbai, ET Retail

Zouk goes omnichannel, opens first offline store in Mumbai, ET Retail

The online fashion accessory brand, Zouk is going omnichannel with the opening of its first flagship store in Mumbai, Pradeep Krishnakumar, co-founder and COO told ETRetail in an interaction.

The store, spanning across an area of 650 sq.ft, will offer a wide range of products of the brand, including bags, footwear, and accessories.

Declining to share the CAPEX involved in opening this store Krishnakumar said, “As a brand, we have a good amount of data around where our customer base is, what are the right locations for us to choose, what is the right format and what sort of collections to take to the store, etc, and based on all of these, we felt that now is the right time to go offline.”

“With the launch of our first store, we seek to foster a sense of community and transform the store into a hub of engaging experiences. For this, the store will host various interesting activities, ensuring a dynamic and interactive environment for visitors every week for a month,” he further added.

Zouk further plans to open a total of 5 exclusive brand outlets in metro and tier I cities this year, ETRetail earlier reported.

The store follows the COCO (company-owned-company-operated) model and plans to follow the same model for all the upcoming stores this fiscal.

“Our goal is to capture a significant share of the bags and accessories market in India, which is predicted to grow at a compound annual growth rate (CAGR) of 12 per cent, reaching US$ 10.6 billion by 2024,” stated Krishnakumar.

During this fiscal, the brand plans to drive at least 5 per cent of its business via offline stores.

Currently, D2C contributes to the 60 per cent of the revenue of the brand and the rest 40 per cent comes from the marketplaces. The average cart size for the brand is Rs 1,500 to Rs 2,000.

While declining to share the revenue figures of the last fiscal, Krishnakumar said, “From pre-covid levels, we have grown over 15x and we eye to grow 2x-3x year-on-year.”

Currently, the brand is available at around 50 retail touchpoints and by the end of this fiscal year, it is eyeing to be available at 150 touchpoints.

“We will also be entering the international markets from the next month onwards and will be available on in the US,” he said.

In March, Zouk raised US$ 3 million in a Series A round led by Stellaris Venture Partners. The round also saw participation from Sharrp Ventures, JJ Family Office, Deutsche India CEO Dilip Khandelwal, Manoj Meena of Atomberg and Vineeta Singh and Kaushik Mukherjee of SUGAR Cosmetics.

  • Published On Jun 30, 2023 at 03:59 PM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETRetail App

  • Get Realtime updates
  • Save your favourite articles

Scan to download App

Source link



Please enter your comment!
Please enter your name here

Most Popular

Recent Comments