Fashion

Men’s lingerie brand XYXX targets sales of Rs 240 crore this financial year as it strengthens offline presence, Retail News, Retail ET


Men's lingerie brand XYXX sets a revenue target of Rs 240 billion this financial year as it strengthens its offline presence

New Delhi: Luxury lingerie and lifestyle brand for men XYXX set a goal to achieve Rs 240 crore turnover at the end of this financial year, Yogesh Kabrathe company’s co-founder said in an exclusive interview with ETRetail.

According to the company, its net sales quadrupled to Rs 105 billion in the previous financial year compared to net sales of Rs 26 billion in the 2021 financial year. It has seen a spike in sales. revenue compared to 2021 due to a 95% increase in the number of orders generated. The company added that it saw quarterly revenue growth of 17%, from April to June this fiscal quarter.

In terms of total sales, Kabra says the company’s offline sales contribute about 55%, and the remaining 45% of sales come from its online business.

Founded in 2016, the company follows an omnichannel approach and targets consumers between the ages of 28 and 35.

The omnichannel brand has raised Rs 135 million ($16.9 million) to date, including the latest Series B expense round of Rs 90 crore (approximately $11 million) led by the Odd Opportunity Growth Fund with a debt of Rs 15 crore (approximately $2 million) from Trifecta Capital.

With this funding, it aims to strengthen offline presence with modern retail, large-scale stores and brand-exclusive stores.

Recently, the lingerie brand has opened its first brand store in Phoenix Market Shopping mall in Mumbai. Furthermore, it plans to expand in tier 1 and 2 markets including Indore and Surat.

By the end of this financial year, the company expects to double its physical presence from 14,000 multi-brand stores to 30,000 retail touchpoints, including a goal of adding 10 branded stores. trademark (EBO) in February 2023.

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