XIMI Vogue to generate 500 Crore revenue in India
Marking its presence in more than 29 outlets in India till now, the successful Korean affordable luxury brand looks forward to generate a revenue of INR 500 crore by launching 200 more outlets by Q3 2020. XIMI Vogue is present in 77 countries with more than 1700 outlets across the world selling more than 10000 products ranging from household, health & beauty, digital accessories, plush dolls etc. The brand's global success has been because of its intelligent product strategy, superior quality products with innovative & attractive designs at a competitive price. XIMI Vogue is now investing heavily in its supply chain technology with state-of-the-art warehouses to further expand its growth in the Indian market.
On the expansion plan, Mr. Abhishek More, Director – XIMI Vogue India, said, “The fast fashion daily consumer goods industry in India has operated since long in an unorganized way and our aim is to combine a variety of products under one roof ensuring the delightful customer experience, ” to which Mr. Ankit Vedi, Director – XIMI Vogue India, added, “We are planning to open more than 200 retail stores rapidly through COCO and FOFO model, focusing on tier 2 and tier 3 cities, apart from the metros. Our customer-centric approach, high quality & value proposition will be the differentiating factors for our success in India.” Mr. Vikas Agarwal, Director – XIMI Vogue India, further added, “We have deployed a franchise model, where micro entrepreneurs can start a XIMI Vogue store of 1000 - 1200 sq. ft. with a capex of approx. 65 lakhs, including store setup, inventory, franchise fee, office equipment and consumables.” The company has a warehouse located in Jaipur and plans to launch more such regional warehouses in Bangalore, Mumbai and Kolkata.
In contrast to conventional retail stores, where sales are meagre, XIMI Vogue retail outlets observe an average income of INR 3500 - 5500, per sq. ft., with an average 55% conversion rate, owing to an expansive product range spanning across multiple categories. The brand is all set to launch 18 more outlets by next month.