Brand Studio Lifestyle has set an ambitious target of achieving a Gross Merchandise Value (GMV) of Rs 2,000 Crores in the fiscal year 2024. This comes on the heels of their remarkable performance in the previous fiscal year when the company generated a GMV of Rs 1,320 crore, the company announced in a release on Friday.
Brand Studio Lifestyle, known for its tech-enabled approach and a stable of popular youth-oriented fast fashion brands such as Highlander, Tokyo Talkies, Vishudh, Locomotive, and Ketch, is well on its way to realizing this ambitious goal. Their flagship brands are currently on an annual run rate (ARR) trajectory that would surpass the Rs. 1,900 Crores mark.
Founded in 2015, Brand Studio Lifestyle has consistently displayed robust growth since its inception, boasting an impressive compounded annual growth rate (CAGR) of 38% over the past 8 years. The company has steadily expanded its operations during this period and is poised for further growth in the current fiscal year, anticipating a year-on-year growth rate exceeding 30% from existing channels and categories, along with additional contributions from new business initiatives.
With its headquarters in Bangalore, the company maintains design offices in Bangalore and Delhi, a sourcing office in Bangladesh, and a global sourcing network. Brand Studio Lifestyle derives approximately 90% of its revenue from leading online marketplaces, with the remaining 10% stemming from its Direct-to-Consumer (D2C) venture, Getketch.com, and offline Shop-in-Shop formats.
Launched in 2021, Getketch.com has garnered over 2.3 million customers and 1 million app downloads, offering customers a curated fashion experience featuring all the brands from Brand Studio Lifestyle’s portfolio. The company has its sights set on achieving a GMV of 150 Crore from the D2C Business.
Mr. Shyam Prasad, CEO of Brand Studio Lifestyle Pvt. Ltd., expressed optimism about the company’s growth prospects, stating, “India’s demographic profile is youthful, with millennials, Gen Z, and Gen Alpha forming a substantial portion of the population. Over the next 5-7 years, India is expected to have over 1 billion internet users, with a significant share being youth. This unprecedented growth is anticipated to be distributed across Tier I, II, and III cities and towns.”
“As a fashion-forward business catering to the youth market, we are well-positioned to capitalize on this immense opportunity, both in India and globally. Our journey from a Rs. 100 Crore GMV in Year One to an expected GMV of Rs. 2,000 Crore in FY24 validates our alignment with our target consumer,” Prasad added.
He further elaborated, “Currently, we introduce 800 fresh styles each month, a figure that places us at the forefront of the Indian industry. Our goal is to increase this number to over 2,000 options per month within the next 12 months, placing us in the same league as global fast fashion players. We have the capability to swiftly deliver new trends to consumers within 8 weeks of identifying a promising fashion trend.”
“Our daily order processing rate now stands at approximately 80,000 units. We collaborate with 300 sourcing vendors across the country, with a combined capacity of 2.5 million units per month. We have ambitious plans to scale this capacity to 3.5 million units monthly within the next 18 months.”
The company has undergone significant expansion, growing its workforce from 20 employees, including the founding team, to a current workforce of over 700 employees. The warehouse space has also seen remarkable growth, increasing from 20,000 square feet to nearly 400,000 square feet, capable of holding more than 15 million garments at any given time. This expansion underscores the burgeoning demand for fashion in tier 2 and tier 3 cities across the country.
About Brand Studio Lifestyle Pvt. Ltd.
Brand Studio Lifestyle Pvt. Ltd., established in 2015 and headquartered in Bangalore, Karnataka, operates as a House of Fashion Brands that offers a diverse range of fashion clothing under 5 brands: Highlander, Tokyo Talkies, Vishudh, Ketch, and Locomotive. In 2021, the company introduced Getketch.com and launched the D2C website and app. Brand Studio Lifestyle champions consumer-centric fashion trends through digital platforms.
Brand Studio Lifestyle is home to five distinct brands designed to cater to the complete wardrobe needs of young men and women, offering options for every occasion and mood, all day, every day. Spanning an entire gamut of fashion categories from men’s wear to women’s western wear and ethnic wear, Brand Studio Lifestyle fulfills the demand for affordable, trendy, and dynamic fashion brands online. The company’s innovative business model is the result of the founding team’s combined experience in design, sourcing, manufacturing, supply chain management, and retail.
