Neeman’s, a Hyderabad-based footwear brand, aspires to double its revenue to INR 200 crore this fiscal year, as revealed by a top company executive.
Taran Chhabra, founder of Neeman’s, stated, “In FY 2023-2024, our revenue surpassed INR 100 crore. Looking ahead to FY 2024-2025, we anticipate it to exceed INR 200 crore.”
Since the start of 2024, its representatives noted that the company has sustained a solid month-to-month growth rate of 15-20%, fueled by strategic internal reorganization and extensive expansion strategies.
Presently, the brand has over 11 stores in cities like Hyderabad, Mumbai, and Bengaluru. Additionally, Chhabra disclosed plans to open over 20 new stores across all major metro cities, aiming for a significant omnichannel presence.
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Chhabra further emphasized, “Our omnichannel strategy encompasses a strategic expansion aimed at bolstering Neeman’s presence across various platforms.”
The company extends its reach internationally, with products available on Amazon UAE and 6th Street UAE, an omnichannel e-commerce fashion hub under the Apparel Group.
Chhabra emphasized, “Our primary focus remains on footwear, and we are committed to increasing our market share in this domain.” He added that in 2023, the company’s standout products were Sneakers, Slip Ons, and Loafers.
Neeman’s offers a wide range of products including sneakers, slip-ons, loafers, athleisure wear, flip flops, sandals, flats, and slides through its D2C website and offline stores. The prices vary between INR 300 and 2,500.
As per the company’s LinkedIn profile, it has secured a Series B funding of $5.2 million and employs technology to enhance customer experience, post-purchase services, and returns. The company collaborates with New Delhi-based e-commerce enabler GoKwik for these purposes.
Chhabra noted, “GoKwik’s technology-driven solutions have been instrumental in our journey of growth. Their support has significantly decreased return to origin (RTO) rates and improved the conversion rate of our checkout funnel, resulting in a more seamless and efficient customer experience.”
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