Fashion tech start-up NEWME aims to strengthen omnichannel play

Fashion tech start-up NEWME is targeting to double its retail footprint by the year-end, as it aims to strengthen its omni-channel play. The Gen-Z focused brand, which was founded in 2022, is backed by marquee investors including Accel India, Fireside Ventures and Point72 Ventures.

As of May-end, NEWME operates 25 stores in the country across 14 cities through the company-owned and company-operated retail model. It has also expanded into quick commerce through NEWME Zip, currently operational in Delhi and Bengaluru.

Sumit Jasoria, Co-founder and CEO, NEWME, told businessline in a recent interaction that the brand is looking to double the number of stores to 50 by December-end. “What started as a digital-first idea has now grown into a truly omni-channel fashion play. Fashion still remains a highly unorganised industry in several pockets of the country and it is also fragmented, where certain brands have a play in just the tier-1 markets while others in tier-2 markets. So, a strong retail footprint enables in strengthening consumer trust as they want to experience the brand. Our stores are not just conventional shopping destinations, but have evolved into immersive spaces for the Gen Z consumers,” he added.

Jasoria said that the brand is looking to open more stores in cities, where it already has a presence, such as Delhi, Mumbai, Bengaluru and Hyderabad. “We would like to double down on existing cities. So, we would like to have five stores per city across the top 20 cities. At the same time, we will look at expanding into new cities,” he added. The brand will look to expand into markets such as Vishakapatnam, Ludhiana, Bhopal, Agartala and Kolkata including other emerging cities and the North-East, it said in a recent statement.

Currently, offline channel contributes about 25-27 per cent to the overall sales of the brand, which it expects to grow to 35-30 per cent on the back of expansion of its retail footprint.

Talking about the brand strategy, he added, “We are aiming to become almost an EBITDA break-even business this year while rapidly scaling up ARR and further strengthening our omni-channel strategy.”