June 1, 2023Mansi PraharajBusinessComments Off on Snitch Records a staggering 250 Percent growth in Revenue from 44 crores to 120 Crores in FY 22-23
New Delhi, 1st June 2023:Snitch, India’s fastest emerging D2C men’s apparel brand announces that it has witnessed a powerful growth trajectory of 250 percent from 44 crores in FY 2021-22 to 120 Crores in FY 22–23 with profit EBITDA of 6%. Riding on top of the fast fashion market for Men, the company has been growing at an incredible pace and has been witnessing a staggering growth trajectory with 1300 percent of revenue growth in the last 2 years.
The company has also recently expanded to a new emerging category of Men’s Jewellery, after fragrances, with a focused vision to change the outlook of the men’s fashion industry across the country. The company is presently in the process of adding further new categories to its portfolio. SNITCH also forays into the offline retail market with its 1st EBO in Bengaluru to be operational by July 2023.
Driven by key propositions like world-class trends, niche designs, and mindful & sustainable styles, Snitch has achieved a benchmark of over 1 Million Order over the course of the last 1 year wherein almost 55 percent of sales is generated through its agile, customer-friendly mobile app, that has also evidently recorded 1.5 million app downloads in FY 22–23. Snitch has almost doubled its employee base during the financial year 2022 – 23 to achieve new levels of growth. The company undergoes a rapid team expansion spree from presently 100 to increase its employee base to 180 by FY 2023 – 24, to cater to the growing demand.
Commenting on the development, Mr. Siddharth R Dungarwal, CEO & Founder, Snitch, says, “Our Company has witnessed a rapid acceleration of growth over the recent years, and we are committed to moving forward with the same vigor. Especially, with our focused mission to change the outlook of the Men’s fashion industry, we are strategically capitalizing on fast fashion trends that truly make us stand apart from the rest of the world. The next financial year looks even more promising to bring even larger opportunities for Snitch and we are geared up for the same.”
The company has already achieved a huge acknowledgment in the industry with its recent appearance on Shark Tank India wherein it has successfully bagged an all-sharks deal, securing ₹1.5 crore for 1.5% equity from all five eminent judges. This has been a true testament to Snitch’s tremendous success and potential growth to spearhead the industry. The eminent investors on the SharkTank included experts like Anupam Mittal Founder-CEO of Shaadi.com – People Group; Aman Gupta, Co-Founder-CMO of boAt; Namita Thapar, Executive Director of Emcure Pharmaceuticals; Vineeta Singh, Co-Founder-CEO of SUGAR Cosmetics; Peyush Bansal, Founder-CEO of Lenskart and Amit Jain, Co-Founder-CEO of CarDekho Group and InsuranceDekho.
I am a seasoned expert in the field of business, particularly in the realm of direct-to-consumer (D2C) retail, fashion industry dynamics, and entrepreneurial ventures. My extensive knowledge is rooted in real-world applications, market trends, and a deep understanding of the factors that contribute to the success of businesses in this domain.
Now, let's delve into the details of the article about Snitch, India's fastest emerging D2C men's apparel brand, which recently reported a staggering 250 percent growth in revenue from 44 crores to 120 crores in the fiscal year 2022-23.
1. Rapid Growth and Financial Performance: Snitch has experienced a remarkable growth trajectory, achieving a 250 percent increase in revenue from 44 crores to 120 crores in FY 22-23. The company's profit EBITDA stands at an impressive 6%, showcasing not just top-line growth but also profitability.
2. Market Presence and Expansion: Snitch has positioned itself as a leader in the fast fashion market for men, witnessing a remarkable 1300 percent revenue growth over the last two years. The brand has extended its product portfolio to include a new emerging category, Men's Jewellery, following its foray into fragrances. Furthermore, the company is set to enter the offline retail market with its first Exclusive Brand Outlet (EBO) in Bengaluru, scheduled to be operational by July 2023.
3. Diversification and Vision: The expansion into Men's Jewellery is part of Snitch's strategic vision to transform the men's fashion industry in India. The brand is actively exploring additional categories to add to its portfolio, showcasing a commitment to diversification and adaptation to consumer preferences.
4. Digital Presence and Innovation: Snitch has capitalized on digital trends with a customer-friendly mobile app, contributing to 55 percent of its sales. The app has recorded 1.5 million downloads in FY 22-23, underscoring the brand's commitment to leveraging technology for enhanced customer engagement.
5. Team Expansion and Workforce Growth: In response to the growing demand and expansion plans, Snitch has nearly doubled its employee base during the financial year 2022-23. The company aims to further increase its workforce from 100 to 180 employees by FY 2023-24, emphasizing the importance of a robust team to support its ambitious growth goals.
6. Industry Recognition and Investment: Snitch gained significant industry recognition through its appearance on Shark Tank India, securing a remarkable deal. The brand received ₹1.5 crore for 1.5% equity from all five prominent judges, including industry experts such as Anupam Mittal, Aman Gupta, Namita Thapar, Vineeta Singh, Peyush Bansal, and Amit Jain. This endorsem*nt on a high-profile platform serves as a testament to Snitch's success and potential to lead the industry.
In conclusion, Snitch's story exemplifies a compelling narrative of growth, diversification, digital innovation, and industry recognition, positioning it as a formidable player in the competitive landscape of the men's fashion industry in India.
