Beyoung plans to open 300 stores and aims to clock a GMV of Rs 650 crore by 2027
Udaipur: Everyday fashion brand Beyoung, which has captured a large part of the online market in tier 2-4 cities, is now embarking on an aggressive offline expansion plan. The direct to consumer brand plans to extend its offline presence with the launch of its Bhilwara store. Beyoung is working on its broader target to strengthen its omnichannel presence by expanding to over 300 stores within the next three years, with over 100 new stores planned for this fiscal.
Udaipur-based Beyoung, which was founded in 2018, 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. Its customer base stands at 3 million at present. Speaking on the launch of the Bhilwara store, ShivamSoni, Founder, Beyoung, said, “This is a huge step in our journey of offline expansion in tier 2,3, and 4. We are looking forward to offering quality products in many more cities. We will also be adding more categories in the year ahead.” Beyoung’s product range includes plain t-shirts, joggers, cargo pants, urban shirts, and other latest and trendy men and women’s fashion wear.
Reports suggest that 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. Beyoung is not only looking to capitalise on this but is also looking to tap into the global market.
With the recent investments, Beyoung will 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 till the end of December 2024 in tier 2, 3 and 4 cities in states like Rajasthan, Uttar Pradesh, Tamil Nadu and is working on scaling up its marketing efforts, technology and logistics to improve the overall customer buying experience. It is also looking to expand the category – SHOP THE LOOK, wherein curated outfits (Top + Bottom) wear is curated as per customer’s preference/choice.
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