Beyoung Expands Offline Presence with New Kota Store Opening
Kota: Everyday fashion brand Beyoung, which has captured a large part of the online market in tier 2-4 cities, has embarked on an aggressive offline expansion plan this year. After recently launching its Bhilwara store, the company has now extended its offline presence with its new store in Kota.
This expansion spree is in line with its target to strengthen its omnichannel presence by expanding to over 300 stores within the next three years. The direct-to-consumer company aims to launch 100 new stores this fiscal. “It’s a major step in our journey of offline expansion in tier 2, 3, and 4 cities. We aim to offer quality products in every Indian city. We will also be adding more categories in the year ahead,” said Shivam Soni, Founder, Beyoung, at the launch of the Kota store Beyoung’s product range includes plain t-shirts, joggers, cargo pants, urban shirts, and other latest and trendy men’s and women’s fashion wear.
The Indian fast fashion market is growing rapidly and is expected to reach $28.84 billion by 2030, with a compound annual growth rate (CAGR) of 16.5% from 2023 to 2030. Having a customer base of 3 million at present, the company is aiming for a big share of this tier 2-4 market. Founded in 2018, Beyoung has a current Gross Merchandise Value (GMV) of Rs 200 crore. It is eyeing a target GMV of Rs 650 crore in the next three years. Beyoung has also laid out a global expansion plan.
In the domestic market, Beyoung will continue to focus on offline expansion in its highest-serving tier 2, 3, and 4 cities. The aim is to enhance its omnichannel presence and give a tech-driven experience to customers. Beyoung plans to launch over 30 stores by the end of December 2024 in tier 2, 3, and 4 cities in states like Rajasthan, Uttar Pradesh, and Tamil Nadu and is working on scaling up its marketing efforts, technology, and logistics to improve the overall customer buying experience.
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