Rise of Independent Fashion Brands: Beyoung’s Journey

Independent fashion brands have seen significant growth in recent years. While traditional players and franchises still dominate the offline market, the advent of social media and e-commerce has enabled the rise of numerous direct-to-consumer (D2C) brands. The Indian e-commerce fashion market, worth over $14 billion, has particularly helped brands like Bewakoof, Rare Rabbit, and The Pant Project gain momentum.

Beyoung’s Emergence and Expansion Plans

One notable brand in this sector is Beyoung. Established in 2018, the startup claims to have processed over 2 million online orders. Recently, Beyoung announced plans to expand its offline presence with 300 new stores across India and aims to double its gross merchandise value (GMV) to Rs 650 crore by 2027.

The Inspiration Behind Beyoung

In an interview, founder Shivam Soni shared insights into Beyoung’s inception and growth. The idea for Beyoung stemmed from a desire to enter the essentials market. Soni noticed a substantial gap in the market for stylish yet affordable fashion options in tier 2, 3, and 4 cities, which they call the ‘Real Bharat.’ While many brands targeted niche segments, Beyoung aimed to cater to the mass market, focusing on providing branded clothing options that offer both aspirational choices and value for money.

Overcoming Industry Challenges

Soni discussed several industry challenges, including catering to diverse audiences with different purchasing power and preferences across regions. Adapting products and marketing strategies to suit various regional tastes and ensuring an efficient supply chain for timely delivery add to the complexity. Additionally, attracting and retaining skilled talent in a tier 3 city like Udaipur is a challenge.

To address these issues, Beyoung leverages technology and data-driven marketing campaigns. By analyzing customer behavior, they focus on addressing their audience’s pain points. Being headquartered in Udaipur, despite its challenges, has also helped them understand and solve the problems faced by consumers in tier 2, 3, and 4 cities.

Beyoung’s Performance and Achievements

Since its inception, Beyoung has experienced significant growth and reached notable milestones. They have built a robust customer base of 5 million, demonstrating strong demand and engagement. Recognizing the potential in the men’s fashion segment, Beyoung strategically made it their primary focus, which now accounts for 90% of their revenue. In the last financial year of 2023, they achieved an annual recurring revenue (ARR) of Rs 200 crore, reflecting their efforts to expand market reach, enhance product offerings, and improve customer engagement.

Future Goals and Expansion Plans

Beyoung’s short-term and long-term goals are shaped by evolving consumer interactions and the significant growth potential in the Indian fashion industry, projected to reach 289.6 million users by 2029. They aim to be the top choice for customers by offering trendy styles and great value for money. Their focus will be on engaging with and serving the mass market, both domestically and internationally, to become a staple in everyday wardrobes.

In the next three years, Beyoung plans to expand its presence by opening physical stores across various neighborhoods in India, complementing their online platform and providing a seamless shopping experience. Their long-term vision is to establish a global presence, making Beyoung a recognizable and trusted brand worldwide, serving customers across different countries.