UK-based denim maker VOI Jeans’ Indian partner, is aiming to double its revenue to reach Rs. 100 cr by 2021, said the top executive of the brand. VOI Jeans has a global presence with outlets in the UK, Germany, Russia, Holland, and Austria with retail sales of $2 bn.
In India, the company is a joint venture between VOI Jeans UK and VOI Jeans India. The JV consists of predominantly funding along with production support in terms of increasing the product categories like winter wear, footwear, and accessories and expansion support.
“Currently, VOI Jeans India has a 50-cr retail sale and it looks at hitting the 100-cr mark by 2021. The brand’s strategy for achieving the same consists of expanding its presence in Tier 2 towns across the country,” said Vimal Kumar Kamnani, CEO, VOI Jeans India. The company will also invest Rs. 20 cr in the next two years to open 20 exclusive outlets as well as for growing the business.
Denim and casual wear are among the high revenue categories in India’s growing domestic apparel market. The market size of the Indian denim segment was estimated at Rs. 23,076 cr in 2017 and is projected to reach Rs. 41,947 cr by 2022 and Rs. 76,258 cr by 2027 with men’s denim accounting for the largest share, expected to grow at a high CAGR of 12.7 per cent over the next decade. At present, VOI Jeans India has 18 exclusive brand outlets and over 100 shop-in-shops along with a presence on major e-commerce platforms. The brand is looking at expanding the business by increasing the number of counters.
“Our design-centric approach and unconventional methodologies have helped us to bring constant newness in the market. We always keep consumers in focus and deliver high European fashion products that are easy on Indian pocket,” said the executive.
The brand is currently present in Hyderabad, Bangalore, Vizag, Vijayawada, Pune, Delhi, Amritsar, Ludhiana, Kolkata. The brand which sells primarily through large-format retail stores generates only around 10 per cent revenues from the online channel. “It is only 10 per cent for us. We have noticed more than fresh season sales it is about discounted sales trend. So, online is more of old season stock clearance for us at the moment,” said the CEO.