Delhi-based Purple Panda Fashions, which owns and operates online lingerie store Clovia, is set to expand its production capacity from 5 lakh to 12 lakh units by the end of 2016. "We are expanding our production capacity to 12 lakh units, with the growth of our business," Pankaj Vermani, co-founder and chief executive officer of Clovia, told PTI. The company expects to grow its business by 50% quarter-on-quarter in 2016-17, he added. "By the end of next fiscal, we expect our revenues to grow 2.5 times," he said. The brand was launched in 2012 and offers women intimate apparel, night dresses, and accessories such as leggings, thermals, stockings and gift sets. Clovia presently designs in-house, and outsources the production to over 16 factories, primarily across North India. The company is also increasing its shop-in-shops at key airports to build the brand. Last year, it launched 10 shop-in-shops and plans to add six more during the current year, Vermani said. Clovia received USD 5 million funding in mid-2015 from IvyCap Ventures, which it is using to grow its footprint globally, in addition to marketing initiatives, team development and product innovation. The lingerie category in the country is largely unorganised, with branded players accounting for less than 35% of the market, according to industry estimates. Clovia competes with online brands like Zivame, PrettySecrets, Cilory, Straps and Strings, among others.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)