Streetwear brand VegNonVeg eyes Rs 175 revenue by next fiscal, ET Retail

<p>Abhineet Singh, Cofounder, VegNonVeg</p>
Abhineet Singh, Cofounder, VegNonVeg

Streetwear brand VegNonVeg is eyeing to close FY25 with Rs 175 crore revenue, Abhineet Singh, co-founder, VegNonveg told ETRetail in an interaction.

The brand, which clocked Rs 85 crore last fiscal, is aiming to close this fiscal with Rs 110 crore in revenue.

“With the new doors opening and focus on growing a larger and more diverse customer base, we are confident to meet our targeted revenue,” he said.

“Apart from this, in the next few years, we see the sneaker market growing from $2.5 billion to $40 billion. We are confident that if we make the right kind of investments and work towards expanding our market, we will grow creating an industry,” he further added.

The omnichannel brand, which currently boasts 3 exclusive brand outlets in Mumbai, Bengaluru, and Delhi, is planning to expand its offline presence by opening 3 more exclusive brand outlets by FY 26 end.

“Going ahead, we will be opening stores in new cities like Hyderabad, and Ahmedabad and existing cities like Delhi and Mumbai,” he asserted.

“We can go from three to thirty stores over the next two years, but, very consciously, we want to preserve. We want to focus on community building and forming a relationship with our customers,” he further added.

The average store size of the brand spans across 2,500 sq ft and it offers 600-700 SKUs.

Currently, 65 per cent of the business comes from online channels, and the rest 35 per cent is contributed by offline channels.

“At the moment we are carrying 30 exclusive brands across footwear, apparel, and collectibles categories, out of which 20 per cent is available on our website. We enjoy a 30 per cent repeat ratio,” he asserted.

In 2021, the brand launched its private label for apparel and in October 2023, it launched a jewellery line offering fashion jewellery.

“The last three years were about figuring out what is the right product mix for us. We started with our essentials collection comprising comfortable classics like hoodies, t-shirts, joggers, and shorts in seasonal colours and now we’re getting more fashion-focused. Apart from this, an important part of the streetwear culture is about collectibles which is very interesting to us, and we are exploring that too,” he stated.

Currently, private label contributes 20 per cent of the overall revenue of the brand.

The brand, which enjoys 18 per cent profitability, is planning to spend Rs 20 crore over the next few years to expand its retail footprint as well as its private label.

  • Published On Feb 13, 2024 at 12:12 PM IST

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