Indian Garage Co. targets 100% growth, INR 600 crores in FY 2023-24
The Indian Garage Co, India's homegrown fast-fashion D2C brand, is all set to create a historic business milestone with a Rs. 600 crore GMV by the end of FY 2023–24 clocking a 100% growth from last financial year. The company has been continually growing at 300% YoY since 2020, far ahead of the industry growth rate of 12% to 13% CAGR.
The Indian Garage Co. is one of the few D2C companies that is completely bootstrapped, asset light and EBITDA positive. The company has registered an exponential 3x growth in FY 23 enabling the brand to achieve a 300 crore GMV.
Known for being fashion-forward and experimental by nature, The Indian Garage Co caters to the fashion needs of all age groups. TIGC, the men’s wear brand, is the prime category offered by the company. It has recently forayed into a women's wear line called ‘FreeHand’ and plus-sized fashion line ‘HardSoda’ under the house of brands format.
TIGC has a distinctive product portfolio that includes over 2,500 styles across men’s casualwear and sportswear, including trendy shirts and chinos, which are the most popular among youth and Gen Z. TIGC currently sells 5–6 lakh units a month, which has enabled it to become one of the top-selling external fashion brands on Myntra and Ajio. TIGC is available offline too at the multi-branded outlet Fashion Factory.
Having a complete control over the design & delivery has enabled TIGC to promise unique fashion bets with shorter lead time making it a popular choice of brand online. This has been possible due to the genius plan of building multi product factories that not just strengthens dedicated captive capacities but also supports micro-entrepreneurship allowing for efficiency that is on par with that of the modern factories.
TIGC recently started retailing its products exclusively on TIGC.in. Star cricketer Surya Kumar Yadav has been announced as the brand ambassador to highlight this move. The company plans to build a strong offline retail footprint too through the phygital distribution route & EBOs in the near future.
The brand's young team is at the forefront of driving creative and trendy designs, while also incorporating their expertise in technology. With their unwavering focus on delivering tech-led fashion, the brand is developing an in-house technology product, Chanakya, which further promises to enhance the consumer's experience.
Positive about the brand’s growth, Founder and CEO, Anant Tanted, said, "We have come a long way; it is our moment of glory to see our brand being rewarded with much needed growth at the right time! The next couple of years are very crucial for us, and we are committed to the idea of building ‘A Cult Indian Value Fashion Brand with a Global Appeal!"
With the right mix of value fashion offerings, excellent brand recall, and a dynamic marketing strategy, The Indian Garage Co. is all set to capture a considerable portion of the Indian fashion market.