By the end of the fiscal year, NewMe, a women’s apparel retailer, intends to add 75 locations and anticipates earning 40 per cent of its revenue from offline sales, according to co-founder Sumit Jasoria. The firm anticipates opening 20 locations by the end of this fiscal year, with the offline locations contributing 25 per cent of total sales.
“Modern-day brands of India will be built phygitally, so being a digital-first brand going offline was a natural extension of the brand. Our stores give a sneak peek into the world of NewMe,” he stated.
The brand currently has five locations: two in Bengaluru, one in Hyderabad, Mumbai, and Chandigarh.
The brand’s typical store size is between 3,000 and 4,000 square feet, and the initial capital expenditure (CAPEX) required to open a new location ranges from Rs. 2,500 to Rs. 3,000 per square foot. Currently, the brand operates and owns all of its retail locations.
“We eye to have an outlet in all the premium malls of India. The idea is to have an offline presence in the top 20 cities. As per data, we see almost 35 to 40 per cent of our business coming from the top 10 cities of India – Delhi/ NCR, Mumbai, Bengaluru, Guwahati, Shillong, and Mizoram together in the northeast, Hyderabad, Pune, Chennai, Jaipur, Ahmedabad, and Surat – and we plan to go deeper into those cities first,” he asserted.
The company has so far received Rs. 45 crore in startup money from venture capital firm Fireside Ventures. Allin Capital, 2AM Ventures, and AUM Ventures also participated in the investment round.
The brand hopes to increase 4x–5x this fiscal year after claiming to have grown 7x–8x the previous one, ending at Rs. 80 crore.
