24 November 2022, Mumbai:
XYXX has seen 17 per cent growth in revenue this quarter. Net sales increased fourfold in the previous fiscal as against its net sales in fiscal year 2021. Offline sales contribute about 55 per cent and rest 45 per cent sales come from the online business.
Men’s premium innerwear and lifestyle brand XYXX, founded in 2016, follows an omnichannel approach and targets consumers between the age group of 28 to 35 years. The omnichannel brand has raised funding and with this aims at strengthening its offline presence with modern retail, large format stores and exclusive brand stores.
Recently, the innerwear brand launched its first outlet in Mumbai. Further, it plans to expand in Tier I and II markets including Indore and Surat. By the end of this fiscal, the company expects to double its physical presence from 14,000 multi-brand outlets to 30,000 retail touch points including its target of adding ten exclusive brand outlets by February 2023. This is a premium range innerwear and loungewear brand for men with trunks, briefs, boxers, jockstraps, vests, pyjamas and T-shirts. The company largely retails its items on e-commerce platforms such as Amazon and Flipkart but considering marketplaces challenges it is now focusing more on stores.
So multi-brand outlets are seen as the way of reaching the maximum number of consumers.
