Men’s fashion brand Snitch is gearing up for an extensive expansion into smaller cities and towns, intending to launch 7-8 offline stores in locations like Surat, Mumbai, and Pune in the current financial year. This strategic move, as shared by the company’s founder Siddharth Dungarwal, reflects Snitch’s ambition to strengthen its presence in Tier-3 and Tier-4 markets, despite its already established footprint in Tier-1 and Tier-2 cities.
Dungarwal outlined the brand’s upcoming strategies, emphasizing the aim to delve deeper into diverse tiers and geographies, particularly focusing on team building initiatives. He stated, “Expanding our offline stores now, we’ll be doing at least seven to eight stores in places like Surat, Mumbai, Pune, and Hyderabad by FY ’24.”
Having commenced its journey as a B2B player in 2019, Snitch anticipates reaching a revenue milestone of Rs. 250 crore in the current fiscal year. Dungarwal shared the impressive growth trajectory, noting that the company achieved Rs. 11 crores in net revenue in FY ’21, followed by Rs. 44 crores in revenue in FY ’22, and closing at Rs. 110 crores in FY ’23. The projected revenue for the ongoing year reflects a robust growth trajectory, aiming for Rs. 250 crore.
Snitch, which launched its app around two years ago, has witnessed substantial success with over two million downloads and 55% of revenue generated through the application. Dungarwal highlighted the acquisition of 1.5 million customers to date and outlined an ambitious target of reaching 25 million plus consumers in the next four years.
In a forward-looking perspective, Dungarwal revealed that the bootstrapped company envisions an Initial Public Offering (IPO) by FY ’29, indicating long-term plans for sustained growth and market prominence. Snitch’s expansion strategy, both in terms of physical stores and digital outreach, underscores its commitment to reaching diverse consumer segments and solidifying its position in the competitive landscape of men’s fashion.
