Recode Studios launches 13th store, plans 25 stores this fiscal
By Retail4Growth Bureau | October 31, 2023
The cosmetics brand, which says it made an investment of Rs 20 lakhs in building each of its stores, has announced the opening of its 13th store in Ludhiana and plans rapid expansion across Tier 2-3 cities.
Cosmetics brand Recode Studios has announced the opening of its 13th store in Ludhiana. The new store spans an area of 250 square feet, making it the brand’s second store in Ludhiana.
Commenting on the inauguration, Dheeraj Bansal the co-founder of Recode Studios said, “Our journey began with just a handful of products, and today, we proudly offer a diverse range that caters to the unique preferences of each customer. Our mission is to make high-quality cosmetics accessible in every nook and cranny of India. And this latest expansion stands as evidence towards our commitment to make premium makeup accessible to all.”
With the goal of introducing 25 stores by the fiscal year 2023-24, Recode Studios has several upcoming store openings in its pipeline. The forthcoming locations are Mumbai, Chennai, Hyderabad, Jaipur, Indore and Rudrapur. “The strategically chosen locations primarily encompass tier 2 and tier 3 cities including Amritsar, Raipur, Bilaspur, etc. An investment of Rs 20 lakhs was made in building each of the stores,” the company said in its statement.
The company also informs that Recode's yearly sales have climbed from Rs 25 lakhs in 2018 to Rs 2 crore in 2019 and 2020, Rs 5 crore in 2021, Rs 15 crore in 2021 and 2022 and Rs 26 crore in Fy 2022- 2023. “And that’s not all, Recode Studios further intends to achieve Rs 50 cr is FY 23-24. The company continues to uphold its mission of delivering cosmetics to a diverse and extensive audience and warmly welcomes its customers to join them in its exciting journey as it continues to expand its store network,” the company added.
