The women’s apparel market in India is poised for significant growth, with projections indicating it will reach US $ 51.05 billion by 2024, growing at an annual rate of 3.99 per cent from 2024 to 2028. Its per capita revenue is expected to hit US $ 35.41.
While womenswear typically accounts for a larger share of apparel sales in most countries, menswear continues to dominate in India. This gap is prompting more D2C brands to shift their focus toward the women’s segment.
One such brand is FS Life. Founded by Ayushi Gudwani, who previously worked as a consultant at McKinsey, the brand emerged from recognising a gap in the market where women’s workwear options were either ill-fitting or simply variations of men’s clothing. To address this, the brand initially measured over 10,000 Indian women to better understand their sizing requirements, which has since expanded to over 200,000 measurements to guide their fitting approach.
In 2020, as the pandemic diminished the relevance of traditional workwear, FableStreet expanded into westernwear by leveraging its sizing expertise. FS Life now includes three brands: FableStreet, focusing on westernwear; Pink Fort, offering modern Indianwear; and March, specialising in affordable fine silver jewellery. The apparel brands cater to women aged 28-40 living in Tier-1 cities earning over Rs. 50,000 per month, while March caters to younger women aged 18-35 in Tier-2 and Tier-3 cities, including students, young professionals and newlyweds.
The brand reports an annual revenue of over Rs.100 crore and made its offline entry last year with three exclusive stores in Mumbai and Pune, along with a pop-up store in Delhi.
“Looking ahead, we aim to grow our brands 8-10 times in the next 3-4 years by investing in product development, launching new brands in white space and maintaining a customer-first approach with the right products and messaging,” claimed Adarsh Sharma, CBO, FS Life.
In an exclusive interview with Apparel Resources, Adarsh Sharma discussed the company’s growth strategy.
AR: What are the unique characteristics of the workwear market and how do you see it evolving?
AS: While we’ve expanded into the westernwear category, workwear remains a focus for us. After a brief slowdown, workwear has steadily regained its importance over the past two years. Traditionally, workwear was limited to a narrow range of styles, cuts and colours. However, with the rise of the hybrid work model, women are experimenting more with colours and prints in their professional attire. This shift is evident in the workwear styles available today. While pre-2020 workwear often featured subtle prints and standard colours like black, navy and beige, we now see bold choices—like an orange or fuchsia blazer at a board meeting or a shirt with striking prints paired with denim in the office. This change excites us because it allows us to explore more creative designs while still prioritising fit and functionality.
Workwear has become highly contextual, varying by industry and organisation size. For instance, in sectors like consulting and banking, it often consists of tailored blazers paired with trousers and a shirt featuring minimal prints or a pop of colour. A well-fitted sheath dress with a blazer is also a popular option. This approach encourages mixing and matching casual and formal pieces to create a modern workwear look. In contrast, if you visit our office, you’ll see a diverse range of workwear, from kurta sets to camis and denim jeans.
Overall, we’re enthusiastic about the workwear space.
AR: You successfully raised funds in 2022. Considering the current challenges in the Indian start-up landscape, what key strategies would you suggest for fashion start-ups looking to secure funding?
AS: For fashion start-ups seeking to raise funds, three key factors are particularly important: maintaining a solid understanding of costs, including inventory expenses and turnover rates; establishing clear brand positioning along with a strong customer base that creates a competitive advantage and acts as a springboard for growth; and developing a capital-efficient business model that doesn’t rely heavily on a single sales channel. The strategy for raising capital ultimately hinges on the organisation’s priorities and the specific goals behind the fundraising effort.
In 2020, we successfully raised Rs. 50 crore in Pre-Series B funding, with participation from notable start-up founders such as Ghazal Alagh (Co-founder, MamaEarth); Mehul Agarwal and Vikram Chopra (Co-founders, CARS24); Ruchi Kalra (Co-founder, OfBusiness); Malika Sadani (Founder, The Moms Co.); and others.
Typically, capital raised in Series A or B rounds occurs after proving product-market fit and is primarily aimed at growth. This funding is used to enhance the leadership team, expand product offerings and provide working capital for distribution and product development. With this funding in place, investors become part of the company’s board upon investing, gaining insights into how funds are allocated through monthly MIS (Management Information System) reports and annual audits. Additionally, many investors adopt a long-term perspective and are seasoned experts who recognise that most capital-backed start-ups will experience a period of losses before the return on capital employed (ROCE) turns positive.
AR: As a women-led brand, do you believe female founders face more challenges in securing funding, particularly in light of a recent report showing that VC funding for women-led businesses in India fell to 9.3 per cent in 2023 from 14.7 per cent in 2021?
AS: Our experience securing funding has been quite different. With a strong background and support, the investors we met didn’t seem to carry these biases. We’ve always been evaluated based on the strength of our business fundamentals and vision. Having said that, I understand that some women founders may have faced different challenges. I hope that women founders can come together and create an ecosystem where this datapoint becomes less skewed towards women-led start-ups.
AR: How do you balance capital expenditure with delivering a top-notch in-store customer experience?
AS: We typically invest about Rs.30 lakh – 35 lakh per store, aiming for an 18-month capital return timeline. As we continue to open more stores, we anticipate increased efficiency that will help us reduce our capital expenditure. While it’s essential to keep CapEx under control, we believe it shouldn’t come at the expense of the in-store customer experience. Determining the right time to venture into offline retail can be complex, as each brand follows its unique path. But we recognise that offline and online channels are quite different—customers behave differently and have distinct preferences and products that succeed online may not always perform the same in a physical store. Moreover, each channel comes with its own set of supply chain challenges, making it important for any company to be thoroughly prepared before stepping into the offline space.
Our store sizes typically range from 750 to 1,000 sq. ft. We choose locations based on expected footfall and whether our target audience is likely to shop there. We also consider neighbouring stores, preferring locations near other women’s westernwear outlets.
