Young Turks’ Post

Transcript

In India, ethnic wear is the single biggest category in the women's wear segment with a share of 71%. In fact, 48% of women on an average spend between 1000 to ���2500 on ethnic wear per month. Now, considering the increasing spending power, the women's ethnic wear market is projected to cross $22 billion by FY20. 6 While this tool looks interesting, let's see what they have. The traditional W segment in India is witnessing a remarkable makeover. It's not just about bridal fashion, which has been a mainstay of Indian ethnic wear. In fact, now the everyday wear is going Indy, with fusion becoming the buzzword. The humble kurta has become a tunic, the dupatta can be born as a stall or vice versa, and the pants have become the new churidar. Or Selvar. Now brands like Bebop, Fabindia, W have brought in this transformation and today a whole host of brands are catering to this ever growing segment. And that's what brings us here. This company started out as a fast fashion marketplace and over the years have transitioned into AD 2C, first Omni channel ethnic wear brand with its USB line in a solid supply chain of networks. So what sets? But apart from its contemporaries? Well, let's find out. Take a look come from a manufacturing apparel textile background. The go to choice for me obviously was fashion. So as soon as I came back after finishing my graduation, I went on to the drawing board started kind of, you know, brainstorming ideas as to what would be the right product be how to do it, how to launch it, where to launch it, how to sell because it was everything was very new. I mean, there was no really no no success story that you could, you know, replicate or copy because. E-commerce was still in its early days people, I mean the word D2C I think didn't even exist in the dictionary back in the day, wanted to establish Lebas as a full-fledged D2C retail brand and started listing ourselves on marketplace and that's how the journey really started. So you know when you started out, there were already some established players in this space in the country. So help me understand, even today, how do you navigate the company? They're always working within the same season. We're launching new styles every week. Visa. There's a lot of other brands who probably curate a whole season and then launch it at spring, summer, autumn, winter. How many styles do you have currently and you know, what categories are you operating in for being like a ultra fast fashion brand? We've actually increased our praise space of launching newer options to somewhere around 50 per week, 50 to 60 launches per week, which makes it about 250 new designs every month. We're trying to scale it up to about a hundred 150 a week. We. **** Star, A plus size brand just a year, year and a half back. We recently are on our way to kind of launch the baskets as well. We are also in the process of launching footwear and accessories. How many units are you selling in a day? As of now, we sell somewhere close to 15 to 20,000 orders per day and we also manufacture somewhere around 20 to 25,000 pieces per day. Premium isation I'm seeing is a very, very big trend that's coming up in the space, so help me. Dan, how are you positioned? So we actually position ourselves as a mass premium to a premium kind of a segment. The the selection starts at somewhere around 3003 thousand ���500 and goes up to approximately ���10,000. The ethnic wear label adopted an Omni channel strategy two years ago and currently operates 15 stores across India. Libas is targeting a network of 150 physical stores in the next three to five years, focusing initially on metro cities and select smaller towns with a strong online. Presents and customer base blanket has now started selling Kutas and all. So is Quick Commerce now emerging as a category for you in terms of sales? Definitely it's a little challenging in the case of fashion because purely because of the number of squares then multiplied by the number of sizes and replicating that in you know probably 50 to 100 dark stores across the country. But we definitely don't want to shy away from it. We are exploring the opportunity of, you know, maybe starting small with the capsule collection. Planning to launch Silvas into Kiara Advani collection on quick commerce. Hope so that you know it reaches people as fast as we can and especially during the festive season. Where does your revenue stand? So we closed our last year at an annual run rate of about 500 crores. We did it completely bootstrapped. We have been profitable since day one. In the next two years, we are eyeing 1000 crore 100. In addition to its domestic player, Labas is also addressing the Indian diaspora in markets such as the UK, USA, USA and Australia where it is serving through its online platform. For the last decade, Libas has been upping its ethnic game but now going forward it wants to capitalize on this growing demand for fusion where built on quick commerce sales along with strengthening its only channel strategy. Now for all this, the company has gone on to race one ���50,00,00,000 in external funding. And it's not just liberals. In the past few years, we have seen several fast fashion brands raise funds and these include Snitch, New Me, French Crown, Rare Rabbit among many others. That this indicates at a wider trend that's playing out where fast fashion is emerging as a big category in the fashion industry with the potential to touch nearly $29 billion in size by 20-30. With camera person Gaurav again will be Singh Aishwarya and for CNBC TV 18.