The Future Of Ethnic Wear
Keshwani transformed Libas from a Rs 4-crore company to a Rs 600-crore brand in eight years by embracing ecommerce
Sidhant Keshwani took charge of his family-owned brand, Libas, as CEO in 2013, starting with a modest turnover of Rs 4 crore. With a vision to modernise the business, he ventured into the ecommerce space, launching Libas's online retail platform. Under his leadership, the brand saw remarkable growth, achieving a 100 per cent year-on-year increase in revenue, which soared to Rs 600 crore in just eight years.
Expansion & Market Presence
Libas has made significant strides in the ethnic wear market, crossing the Rs 500-crore mark in FY24. The brand has operated on a bootstrapped model since its inception and is owned by Zivore Apparel. It has established a strong online presence through marketplaces like Flipkart and Myntra, alongside an offline footprint with 13 exclusive brand outlets (EBO) and over 400 large-format stores in multi-brand outlets such as Lifestyle and Shoppers Stop.
Recently, Libas appointed Bollywood actress Kiara Advani as its brand ambassador, aiming to capitalise on the growing potential of India’s organised apparel sector.
Funding For Growth
In May 2024, Libas secured Rs 150 crore in funding from IAF Series 5, managed by ICICI Venture. This investment is set to enhance the brand's omnichannel presence, expand its offline retail space, and boost marketing and technology capabilities. Keshwani noted that last year alone, Libas experienced approximately 60 per cent growth with a substantial base. He emphasised ongoing investments in technology for their website and supply chain management.
Navigating Challenges
Keshwani acknowledges the inherent risks of entrepreneurship. He believes that while experimentation is crucial for innovation in fashion, it is equally important to recognise when to halt certain initiatives. He remarked on the challenges faced by startups post-Covid, highlighting that many lacked operational discipline and relied heavily on spending to generate revenue. As funding becomes scarce, he sees this as an opportunity for quality startups to emerge and thrive.
Looking ahead, Keshwani is optimistic about the future of Indian entrepreneurship. He predicts that over the next decade, several remarkable companies will be built in India as the market continues to mature.
Through strategic leadership and a commitment to innovation, Sidhant Keshwani is not just steering Libas towards success but also shaping the future landscape of ethnic wear in India.
