Headquartered in Bengaluru, men's fashion and apparel brand, Snitch is poised to inaugurate its largest Indian store in the city.
Spanning an expansive 4,000 sq ft, this would be the brand's fourth physical outlet in Bengaluru, strategically located in the bustling commercial hub of Brigade Road.
Siddharth Dungarwal, Founder & CEO, Snitch, says, the expansion aligns with the brand’s vision to offer personalised interactions, aiding customers in making informed purchase decisions.
The company's growth trajectory has been significant, with plans for aggressive offline expansion highlighted by its recent appointments of key personnel. Varun Muralidharan, formerly associated with Bestseller India, assumes leadership in retail operations, while Mayur Ashtekar from Rare Rabbit spearheads business development and offline expansion efforts.
A notable addition to the team is Maruthy Ramgandhi, appointed as the first Chief Technology Officer (CTO), tasked with steering product innovation to enhance customer experiences.
Snitch's financial performance underscores its upward trajectory, with a substantial increase in gross merchandise value (GMV) from Q1 to Q4 of fiscal year 2023, reaching 400 crore GMV. The company anticipates further growth, projecting a GMV of Rs 600 crore by the end of fiscal year 2024. Quarterly revenue has consistently surged by 30-35 per cent over the past two years, a trend expected to accelerate with the brand's intensified focus on offline retail.
Established in 2020 as a direct-to-consumer (D2C) brand, Snitch gained prominence by securing an all-Shark Deal on Shark Tank India Season 2. Additionally, the brand successfully raised Rs 110 crore in Series A funding from SWC Global and IvyCap Ventures, solidifying its position in the market.
