Snitch, the fast fashion apparel brand has opened 34 stores in the past 8 months and plans to open 10 new stores all through Jan. ‘25, Siddarth Dungarwal, CEO and Founder, shared on his LinkedIn Post.
The new stores are coming up at Lucknow, Rajmundhry, Hubli, Bangalore, Chennai, Guwahati, Pune and Delhi.
The company has crossed INR 100 Cr in revenues during FY 2022-23 and has posted a net profit as well
For FY 23, Snitch reported INR 106.6 Cr in revenues with a net profit of INR 4.4 Cr.
Snitch sells a range of men’s apparels, including shirts, jackets, hoodies, co-ords, sweaters, innerwear, among others.
Founded in 2018, the brand wanted to disrupt the menswear market with stylish and affordable clothing which is stylish and fashionable.
The initial focus was creating a brand resonating with young professionals seeking trendy yet sophisticated attire.
In 2023, Bollywood actor Vicky Kaushal became the brand ambassador, bringing significant visibility and credibility to Snitch. The partnership included exclusive collections and promotional campaigns, which resonated with the target audience.
Editor’s Note
Snitch has raised INR 115 Cr (USD 13.5 Mn) till date over 2 rounds from marquee investors. The company was valued at INR 500 Cr (USD 62 Mn) in Dec. ‘23.
The opportunity with investments for offline brands like Snitch is a quick go-to market access with new stores across key markets. However, this is also where most brands fail.
Massive expansion comes with challenges such as understanding local preferences of materials and fabrics used, colours, fashion designs, etc.
Availability of high quality real estate comes at a cost and start-up manage to get these locations as they are loaded with funds. However, to sustain the footfalls for more than 4 seasons (2 years, roughly) – that is when the challenge begins.
The GenZ and Millenial consumers are not as loyal as their previous generations and therefore, move on to the next new thing. Especially, when there is another start-up which has appeared in the same space.
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