Mensa Brands of India has decided to bet on ethnic clusters for growth.
The company is expecting to grow to US $ 80 million revenue this fiscal (FY ‘23), while it is gearing up to grow to US $ 200-250 million revenue over the next 4-5 years.
“Ethnicwear is the largest segment of fashion with about US $ 3.50 billion market with the demand shifting online,”averred Ananth Narayanan, Founder and CEO of Mensa Brands.
Ananth further adds the market is very fragmented with no large players.
It’s worth noting here that Mensa Brands is a builder and accelerator of digital brands and earns through its direct-to consumer (D2C) websites, across marketplaces, offline and from exports.
Following an omnichannel approach, the company plans to take a few online brands offline as it sees 20-30 per cent year-on-year growth in the offline market.
The company looks forward to a better business in festive season with dip in cotton prices and logistics cost as the overall market stabilises from the aftermath of geo-political tensions. The cost has finally started to come down for most of the sea shipments, as reported by the company.
With the disruption caused by digitisation across the supply chain, Narayan believes that D2C brands should be digital first to deliver consumers a better experience. He further adds better products, fast delivery and personalisation are the key factors for good consumer experience to help deal with the dynamics of today’s retail landscape.