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By this fiscal end, the brand, which has average ticket size of Rs 3,750 online and Rs 5,500 offline, plans to open one more store. However, it has an aggressive expansion plans going ahead.
“By the end of financial year 2020 we are planning to open 10 stores. We are looking at the top cities, metros and mini-metros. We have earmarked Rs 10 crore for the offline expansion which will be through internal accruals and by raising money,” revealed Chawla.
Offline business of the brand has turned EBTIDA positive and online is expected to be EBTIDA positive by 2020.
The newest brand from Future Style Lab, Ancestry, which launched its maiden store in the capital city in May, has recently opened its first store in Noida, at Mall of India. The brand, which presents a contemporary take on traditional Indian fashion and lifestyle, has earned much accolade in the India’s fashion circles already and seems all geared up to woo Noidaiites too.Ancestry is inspired by the evolving face of the new age Indian who is self-assured, professionally competent and curious to discover new paths
Ancestry is inspired by the evolving face of the new age Indian who is self-assured, professionally competent and curious to discover new paths. The brand’s offering, encompassing women’s apparel & accessories, home furnishings, and other lifestyle products, is constantly evolving and is in line with international trends, and yet interestingly rooted in Indian heritage and crafts.
With pricing that is perfectly suited to any urban Indian’s pockets, Ancestry’s unique collection of dresses, tops, and tunics are created completely using natural fabrics, thereby offering an unmatched quality and fashion sensibilities in that price range.
For the new store launch, Manjula Tiwari, CEO at Future Style Lab, the parent company of Ancestry, said, “Ancestry provides an unparalleled, modern-day experience of old-style Indian artistries, and we’re sure that the brand’s offering will find much love and appreciation with our consumers in Noida. We’re truly excited about launching this store, and are thankful to Mall of India for providing us with an impeccable space and opportunity, right in the heart of Noida.”
Ancestry’s tagline #StoriesRetold, perfectly sums up its ethos, for every line of products the brand comes up with tells the story of a particular craft or tradition, but in a way that is suited to the new-age lifestyle.
CityKart Retail Pvt Ltd – one of India’s largest value retailers – founded in January 2016 and since then there has been no looking back. The brand, which focuses on family fashion retail in Tier II and smaller towns of Uttar Pradesh, Bihar, Jharkhand, Odisha, West Bengal and the Northeast, currently operates 29 stores in 5 states and 25 cities across India.The brand, which focuses on family fashion retail in Tier II and smaller towns of Uttar Pradesh, Bihar, Jharkhand, Odisha, West Bengal and the Northeast, currently operates 29 stores in 5 states and 25 cities across India
Helmed by Sudhanshu Agarwal, the company’s Founder and Chief Executive Officer, CityKart is slowly yet gradually organising India’s unorganised fashion retail.
Making Fashion Accessible
Unlike many large retailers who focus heavily on grocery, CityKart focuses on family fashion retail through its affordable and value for money products addressing all age group.
“At CityKart the products are nominally priced between Rs 99-1,499,” Agarwal reveals.
About 80-85 percent of the company’s revenue comes from apparel and its primary target audience is the lower middle class.
“A shift towards organised retail, improved business models, changing demographics, and rising per capita income has cemented our trust in serving this TG and geography. Even after being the most populous part of the country, Tier II and III cities and towns are highly under-penetrated in terms of organised retail. Basically, these are the places where people have newly increased purchasing power and aspire for a shopping experience,” states Agarwal.
“At CityKart, we have witnessed a definite shift of consumers from unorganised to organised retail, and we are confident about serving this segment,” he adds.
With an average store size of 8,000-10,000 sq. ft., the brand focuses on high-street locations, typically targeting locations at the start or end of the main market street of the city.
Currently, the brand has no plans to go online. “We are currently not focused on the e-commerce aspect but may look at including it over next few years depending on our customers’ requirements and depending on what infrastructure permits,” states Agarwal.
Operating Model
In addition to catering to under-tapped retail consumers, CityKart is increasing their profits by optimising and chasing the right business model.
Over the last few years, CityKart has retooled its business models after a decade of learning. With an increased focus on improving store economics, the brand has found its strength in its inventory management. The company has also invested in a best-in-class Management Information System (MIS) that keeps rigorous control over stock and highlights the critical areas related to sales and stock numbers.
Elaborating on this, Agarwal says, “We are currently deploying an ERP System which is completely end-to-end integrated: from POS to Inventory Management, Store Operations, Financials Controls etc. We are also using Customer Loyalty application as well, and other applications aimed at reducing manual intervention and increasing efficiency and loss management. Apart from this, we are working to develop more applications as per our growing requirements.”
This increased focus on perfecting the technology and business has even led to the company’s continuous growth. The company is growing at a CAGR of 30-40 percent and closed its last financial year with a turnover of around Rs 200 crore.
According to Agarwal” “With an expectation to grow by 50 percent in the current fiscal year, the brand is envisaging 12 new stores this year.”
The brand is targeting 150 plus stores in next five years and looking forward to venture deeper into the present territories, as well as enter into adjacent markets like Madhya Pradesh and Chhattisgarh.
“As for now we are not planning on testing international waters, but we may in later years target markets with similar tastes to our home territories – e.g. Nepal,” says Agarwal.
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By this fiscal end, the brand, which has average ticket size of Rs 3,750 online and Rs 5,500 offline, plans to open one more store. However, it has an aggressive expansion plans going ahead.
“By the end of financial year 2020 we are planning to open 10 stores. We are looking at the top cities, metros and mini-metros. We have earmarked Rs 10 crore for the offline expansion which will be through internal accruals and by raising money,” revealed Chawla.
Offline business of the brand has turned EBTIDA positive and online is expected to be EBTIDA positive by 2020.
The newest brand from Future Style Lab, Ancestry, which launched its maiden store in the capital city in May, has recently opened its first store in Noida, at Mall of India. The brand, which presents a contemporary take on traditional Indian fashion and lifestyle, has earned much accolade in the India’s fashion circles already and seems all geared up to woo Noidaiites too.Ancestry is inspired by the evolving face of the new age Indian who is self-assured, professionally competent and curious to discover new paths
Ancestry is inspired by the evolving face of the new age Indian who is self-assured, professionally competent and curious to discover new paths. The brand’s offering, encompassing women’s apparel & accessories, home furnishings, and other lifestyle products, is constantly evolving and is in line with international trends, and yet interestingly rooted in Indian heritage and crafts.
With pricing that is perfectly suited to any urban Indian’s pockets, Ancestry’s unique collection of dresses, tops, and tunics are created completely using natural fabrics, thereby offering an unmatched quality and fashion sensibilities in that price range.
For the new store launch, Manjula Tiwari, CEO at Future Style Lab, the parent company of Ancestry, said, “Ancestry provides an unparalleled, modern-day experience of old-style Indian artistries, and we’re sure that the brand’s offering will find much love and appreciation with our consumers in Noida. We’re truly excited about launching this store, and are thankful to Mall of India for providing us with an impeccable space and opportunity, right in the heart of Noida.”
Ancestry’s tagline #StoriesRetold, perfectly sums up its ethos, for every line of products the brand comes up with tells the story of a particular craft or tradition, but in a way that is suited to the new-age lifestyle.
CityKart Retail Pvt Ltd – one of India’s largest value retailers – founded in January 2016 and since then there has been no looking back. The brand, which focuses on family fashion retail in Tier II and smaller towns of Uttar Pradesh, Bihar, Jharkhand, Odisha, West Bengal and the Northeast, currently operates 29 stores in 5 states and 25 cities across India.The brand, which focuses on family fashion retail in Tier II and smaller towns of Uttar Pradesh, Bihar, Jharkhand, Odisha, West Bengal and the Northeast, currently operates 29 stores in 5 states and 25 cities across India
Helmed by Sudhanshu Agarwal, the company’s Founder and Chief Executive Officer, CityKart is slowly yet gradually organising India’s unorganised fashion retail.
Making Fashion Accessible
Unlike many large retailers who focus heavily on grocery, CityKart focuses on family fashion retail through its affordable and value for money products addressing all age group.
“At CityKart the products are nominally priced between Rs 99-1,499,” Agarwal reveals.
About 80-85 percent of the company’s revenue comes from apparel and its primary target audience is the lower middle class.
“A shift towards organised retail, improved business models, changing demographics, and rising per capita income has cemented our trust in serving this TG and geography. Even after being the most populous part of the country, Tier II and III cities and towns are highly under-penetrated in terms of organised retail. Basically, these are the places where people have newly increased purchasing power and aspire for a shopping experience,” states Agarwal.
“At CityKart, we have witnessed a definite shift of consumers from unorganised to organised retail, and we are confident about serving this segment,” he adds.
With an average store size of 8,000-10,000 sq. ft., the brand focuses on high-street locations, typically targeting locations at the start or end of the main market street of the city.
Currently, the brand has no plans to go online. “We are currently not focused on the e-commerce aspect but may look at including it over next few years depending on our customers’ requirements and depending on what infrastructure permits,” states Agarwal.
Operating Model
In addition to catering to under-tapped retail consumers, CityKart is increasing their profits by optimising and chasing the right business model.
Over the last few years, CityKart has retooled its business models after a decade of learning. With an increased focus on improving store economics, the brand has found its strength in its inventory management. The company has also invested in a best-in-class Management Information System (MIS) that keeps rigorous control over stock and highlights the critical areas related to sales and stock numbers.
Elaborating on this, Agarwal says, “We are currently deploying an ERP System which is completely end-to-end integrated: from POS to Inventory Management, Store Operations, Financials Controls etc. We are also using Customer Loyalty application as well, and other applications aimed at reducing manual intervention and increasing efficiency and loss management. Apart from this, we are working to develop more applications as per our growing requirements.”
This increased focus on perfecting the technology and business has even led to the company’s continuous growth. The company is growing at a CAGR of 30-40 percent and closed its last financial year with a turnover of around Rs 200 crore.
According to Agarwal” “With an expectation to grow by 50 percent in the current fiscal year, the brand is envisaging 12 new stores this year.”
The brand is targeting 150 plus stores in next five years and looking forward to venture deeper into the present territories, as well as enter into adjacent markets like Madhya Pradesh and Chhattisgarh.
“As for now we are not planning on testing international waters, but we may in later years target markets with similar tastes to our home territories – e.g. Nepal,” says Agarwal.
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