FabAlley registers profitability with 70% YoY growth in FY19
By Retail4Growth Team | October 24, 2019
The growth results come after a year of sustained efforts towards increased distribution, product expansion and strengthening the company’s technology backbone.
High Street Essentials Pvt. Ltd. (HSE), the parent company behind women-centric fashion brands, FabAlley and Indya, announced its financial results for the fiscal year ending March 31st, 2019, reporting net revenue of INR 90.2 crore, with an EBITDA of INR 3.3 crore and a PAT of INR 1.3 crore. The company has seen a YoY growth of 70% and has reported EBITDA-level profitability for the second consecutive year.
With thriving websites, 30 brick-and-mortar stores, 350 shops-in-shops and a scaled-up online marketplace presence across both brands, the company has seen gross sales of INR 125.5 crore in FY19.
The growth results come after a year of sustained efforts towards increased distribution, product expansion and strengthening the company’s technology backbone. In December 2018, the company raised INR 60 crore in a Series B round of funding by SAIF Partners, which is being strategically deployed towards growth.
Speaking about the profitable fiscal, the founders said “FY19 has marked our transition from a primarily online company to an omnichannel entity while ensuring our infrastructure, supply chain, and product lines expanded efficiently to accommodate both online and offline retail growth with continued capital efficiency. The company is on track to close FY20 with gross sales of INR 220 crore, at a growth of 75% over FY19, with EBITDA and PAT-level profitability.”
In a move to capture the burgeoning fashion accessories market, the company is set to launch its jewellery brand, Zyra, in line with the festive shopping season this year. In the next 12-18 months, the company aims to expand its retail footprint by increasing its exclusive brand stores’ count to 50 and doubling its shop-in-shops to more than 600.
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The new store, spread across 850 sq. ft., aims to bring a one-stop-shop experience for the fashion-conscious market of women shoppers in Chennai