Ethnic fashion brand Libas, a bootstrapped venture, has touched the ₹500 crore-milestone in revenues in FY24. The brand aims to continue to grow at 60-70 per cent in the new fiscal year as it continues to focus on strengthening the brand’s presence in the offline channel. It has also begun talks with investors to raise its first round of funding.

“We grew at 60-70 per cent in FY24, which was largely on the back of channel expansion. We opened more stores and shop-n-shops enabling us to garner this kind of growth at a company-level. We have been scaling up and in FY24 crossed the ₹500 crore revenue mark for the first time in the history of the brand,” Sidhant Keshwani, Founder & CEO of Libas told businessline.

With the launch of the spring-summer collection, the ethnicwear player has also roped in actor Kiara Advani as its brand ambassador, who features in the company’s latest brand film. 

“With the launch of our new spring-summer collection we have a positive outlook for this fiscal. We believe we will continue to garner 50-60 per cent growth rates,” Keshwani added.

Responding to a query on weak demand trends seen by apparel sector, Keshwani stated that non-essential categories including apparel, have seen sluggishness in demand at the mass segments while premium and luxury segments continue to do well.

“These weak demand trends have been visible seen throughout the last fiscal. We have also seen some sluggishness in terms of like-to-like growth levels. But we expect the industry to begin recovery from June, “ he added.

The ethnic wear brand has also been ramping up its offline play. It is now sold through over 15 exclusive brand outlets and over 500 shop-n-shops at multi-brand outlets.

“We are an online-first brand. But the offline channel will play a huge role in our journey this year. We plan to add an additional 15 exclusive brand outlets this year,” he said.

Libas is also gearing up to raise its first round of funding. “We have begun discussions. We are looking at a minority stake divestment,” Keshwani added.

This comes at a time when the brand plans to accelerate its offline store expansion.