Libas Secures Rs 150 Cr, Eyes Omnichannel Expansion: Report
With this funding infusion, the brand aspires for rapid offline growth, the company aims to open 200 stores nationwide by 2026, as per media reports
According to media reports, ethnic fashion firm Libas has secured Rs 150 crore funding from ICICI Venture's IAF Series 5 fund. With aspirations for rapid offline growth, the company aims to open 200 stores nationwide by 2026.
Libas, reporting sales of Rs 500 crore in FY24, anticipates reaching Rs 1,000 crore by FY26. Founder and CEO Sidhant Keshwani expressed confidence in the growth potential of the organised Indian apparel sector, emphasising plans for expansion across categories and geographies with a focus on omnichannel experience, as per media reports.
Recent closures of ethnic apparel brands like Indifusion indicate challenges in the market, attributed to declining demand and increasing losses. Despite this, ethnic wear remains dominant in the women's wear segment, comprising 71 per cent of the market.
Gagandeep S. Chhina, Senior Director of Private Equity at ICICI Venture, reportedly, predicts that organised players prioritising branding and omnichannel experience will emerge as consumer favourites.
Libas, with a strong offline and online presence, generates significant revenue through direct-to-consumer channels. The brand's advisors for this funding include KPMG and JSA.
