Go Fashion to open 120-130 stores year-on-year

Go Fashion (India) Ltd., a listed apparel firm, said it invests in omnichannel for smaller towns and cities along with opening around 120-130 new stores year on year.

The brand selling women’s bottom-wear under GoColors, is promoting omnichannel engagement for a seamless consumer experience, a technology-driven growth strategy to reach out to consumers in Tier-I to Tier-III cities is building on, and realizing its expansion plans. For current and emerging markets, it said in a statement after opening its 500th exclusive brand outlet in India.

“Achieving the milestone of building 500 stores is a 5-year dream come true for us. We look forward to launching more designs while providing more brand destinations for our consumers and achieving more such milestones.” We look forward to continuing our innovative and creative approach in the coming years,” said GoFashion India CEO Gautam Saraogi after opening the store in Pune.

The company was established in 2010 and has an 8% market share in the branded women’s bottom wear market.

Women’s bottom wear business is expected to grow from Rs 13,500 crore in FY15 to Rs 24,300 crore by FY25, representing a growth of 35%. GoColors will tap this significant growth potential and further enhance its market share. It added that the D2C brand utilizes its first mover advantage in the bottom-wear category with a sharp pricing strategy, with its products available in a variety of colors and styles.

According to a recent report by ICICI Securities, the women’s bottom wear market is inclined towards the unorganized sector and its share stood at 77% in FY20 and the organized share stood at 23%.

“With the tailwind towards organization of women’s bottomwear sector, organized share is expected to reach 92.4 billion with a CAGR of 24.3% by 2025 with 38% share in FY25E. The fragmented nature of the industry and lack of organized players and limited branded Competition positioning GoColors to take advantage of the growth in the bottom-wear segment,” the report said.

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