NEW DELHI, July 18: Guided by its vision to become a name epitomising individuality and empowerment for young women, new-age fashion brand NEWME is charting out an aggressive expansion blueprint for its line-up of styles catering to the diverse preferences of Gen Z women, says CEO Sumit Jasoria.
Building on the business momentum, NEWME aims to establish its presence in 20 key cities by opening 40-50 stores in 12-18 months, and sprucing up infrastructure that supports its thriving online platform to ensure a seamless omni-channel experience for customers.
“Since our inception in 2022, the journey has been driven by a deep understanding of Gen Z women, aged 18-25, who are keen on expressing their individuality through fashion,” Jasoria, who is also founder of the Bengaluru-headquartered company, told PTI.
“In the current financial year, we anticipate a significant 4-5X revenue increase, following our impressive 18-month growth streak of 7X,” he added.
NEWME, which recently closed a funding round led by Accel, currently sources over 40 per cent of its merchandise from India.
The company, Jasoria said, recognises India’s immense potential as a sourcing destination, and is committed to further scaling sourcing activities from within the country.
Excerpts from the interview:
Q: What is the mission and vision of NEWME? Tell us about your journey?
A: At NEWME, our mission is to meet the evolving fashion needs of GenZ women, offering trendsetting styles and seamless shopping experiences.
Our vision is to become a leading brand that epitomises individuality, innovation, and empowerment for young women.
Since our inception in 2022, the journey has been driven by a deep understanding of Gen Z women, aged 18-25, who are keen on expressing their individuality through fashion.
Recognising a gap in the market for trendy, relevant designs and evolving shopping preferences, we dedicated ourselves to addressing these needs.
Our approach has led to rapid growth, with a 2X quarter-on-quarter expansion. In less than two years, we have served thousands of consumers, 65 per cent online, primarily from Tier 1 and Tier 2 cities.
Notably, we opened our first retail store in Bengaluru in July last year, experiencing significant footfall.
To enhance our omni-channel presence, we expanded to four cities with five retail outlets within 10 months.
Q: How is NEWME bringing the trendiest fashion to Indian customers, at minimal cost?
A: Our approach to fashion is about staying ahead of emerging styles, from vibrant hues to bold patterns, ensuring our collections resonate with our customers’ diverse preferences.
We release a carefully curated collection of trendsetting products weekly, empowering our youthful and energetic consumers to embrace their ‘NEWME’ every day.
We launch over 500 new designs on our app each week, curated by our trend-mapping team to reflect the latest global fashion trends. Our tech and data teams then analyse customer-buying patterns, allowing us to promote the most popular designs both online and in our stores.
By operating on a near-zero inventory model and manufacturing products based on demand, we keep costs low for both us and our customers, ensuring that everyone can enjoy the latest fashion without breaking the bank.
Q: Where are your manufacturing hubs?
A: Currently, over 40 per cent of our merchandise is sourced from India, reflecting our strong commitment to supporting local industries and leveraging the expertise and craftsmanship available within the country.
We recognise the immense potential that India holds as a sourcing destination, and we are dedicated to further scaling our sourcing activities within the country.
Through the integration of innovative technologies and advancements across our supply chain, we aim to enhance efficiency and streamline our operations, thereby facilitating the expansion of our sourcing capabilities in India.
We have deployed our own tech solutions in our partner factories, which makes these factories ready to compete with some of the best fashion brands in India.
While a significant portion of our merchandise is currently sourced domestically, we maintain a global outlook in our sourcing strategy, ensuring that we have access to a diverse range of products and suppliers from around the world.
This balanced approach allows us to offer a wide variety of fashion choices to our customers while also supporting local economies and fostering sustainable sourcing practices.
Q: How much funds have you raised to date, and where will you deploy these funds?
A: We have recently closed our Series A funding round led by Accel, securing a total of USD 18 million. This marks a significant milestone for our company and validates our unique approach to fashion tech.
We are also grateful for the continued support of our existing investors, including Fireside Ventures and AUM Ventures.
Their belief in our vision has been instrumental in our journey so far, fuelling our growth in the exciting Indian fashion market.
The funding round will be strategically invested towards building an omni-channel presence, tech-driven supply chain optimisation, and investing in innovation and talent.
We will establish a strong network of offline stores to complement our thriving online platform. This will allow us to provide a seamless customer experience, catering to the diverse preferences of Gen Z women in India.
We will leverage cutting-edge technology to streamline our supply chain.
Further, a significant portion of the funds will be dedicated to attracting top talent and developing next-generation technologies.
Q: What are the business priorities for NEWME for this year?
A: Our key priorities for this year include national expansion, enhancing our online presence, enhancing our tech capabilities, and investing in talent.
We aim to establish a presence in 20 key cities by opening 40-50 stores over the next 12-18 months. This includes expanding into the northeastern region with stores in Guwahati and Imphal, catering to underserved markets.
Further, recognising the growing significance of online shopping, we are investing in robust online infrastructure to complement our physical stores, ensuring a seamless omni-channel experience.
We are also enhancing our tech capabilities to accelerate our response to fashion trends. This includes strengthening collaborations with manufacturing partners for efficient product delivery.
At the same time, we are bolstering leadership across marketing, product development, and technology to support our ambitious growth plans.
Looking ahead, we are also preparing for global expansion within the next few years.
Q: What kind of growth/revenue projections do you see for NEWME by the end of this financial year?
A: In the current financial year, we anticipate a significant 4-5X revenue increase, following our impressive 18-month growth streak of 7X.
Looking ahead, we aim to revolutionise the accessibility of global fashion trends for Indian youth, empowering them with our unique offerings.
Our goal is to establish NEWME as the leading Gen Z fashion brand in India through rapid expansion with 40-50 innovative stores across key Indian cities, supported by a robust online platform, ensuring a seamless customer experience.
Technology will play a crucial role as we optimise our supply chain and deliver the latest styles swiftly. (PTI)
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