Meet Beyoung, an Udaipur-based D2C fashion brand targeting a GMV of Rs 650 crore

Independent fashion brands have come a long way in recent years. While the offline segment is still dominated by traditional players and franchises, the rise of social media and e-commerce has facilitated the growth of many D2C brands. India's $14 billion online fashion market has helped brands like Bewakoof, Rare Rabbit and The Pant Project gain traction.

One of the popular names in this space remains Beyoung. Founded in 2018, the startup claims to have delivered over 20 lakh online orders. The company recently announced accelerating its offline expansion by 300 stores across India and doubling its GMV to Rs 650 crore by 2027

We spoke to the company’s founder Shivam Soni to know more about Beyoung, its history, growth and more. Here are the edited excerpts:

How did you come up with the idea for Beyoung?

We have always wanted to enter the essentials market, and it was in this context that we came up with the idea of ​​starting Beyoung. At a point of time, we saw a significant gap in the market for aspirational yet affordable fashion options in Tier 2, 3 and 4 cities across India, which we call ‘Real Bharat’. While many brands were focusing on niche segments, we aimed to serve the mass market. We chose to focus on Kapda among the essentials ROTI, KAPDA, MAKAN (apparel), bringing branded products to consumers in these underserved regions, offering both aspirational choices and value for money.

What are the main challenges in the sector that still need to be addressed? And how do you plan to address them?

Catering to the needs of diverse target audiences and varying purchasing powers across regions is a challenge. Adapting products and marketing to different regional preferences and cultures is essential, as what works in North India may not work in South India. Managing an efficient supply chain and ensuring timely delivery adds to the complexity. Moreover, attracting and retaining skilled talent in a Tier 3 city like Udaipur is challenging.

To solve these problems, we leveraged technology and data-driven marketing campaigns. We analyse behavioural patterns and focus our efforts on solving the problems of our audience. While being based in Udaipur posed some challenges, it also helped us address the challenges of tier 2, 3 and 4 cities by understanding their problems and solving their issues.

How has your startup performed since its creation?

Since its inception, Beyoung has witnessed significant growth and achieved significant milestones. Some key performance statistics highlight our progress: We have successfully built a strong customer base of 5 million, underlining the high demand and engagement towards our brand. This growth reflects our ability to effectively communicate with our target audience. Recognizing the potential and spending power of the menswear segment, we have strategically prioritized it. This decision has paid off, as 90% of our revenue comes from male customers. In the last financial year of 2023, we achieved an impressive Annual Recurring Revenue (ARR) of Rs 200 crores. This reflects our continued efforts to expand our market reach, enhance our product offering, and improve customer engagement.

What are your short and long term goals for expanding and diversifying your products and business?

Our short and long term goals for product and business expansion and diversification are driven by the changing patterns of user interaction with brands and the significant growth potential of the Indian fashion industry, which is expected to reach 289.6 million users by 2029. Our goal is to be the first choice of customers by offering on-trend styles and great value for money. Our aim will be to effectively engage and serve the mass market, both domestically and internationally, to be a part of their everyday wardrobe.

Over the next three years, we plan to expand our presence by establishing physical stores in various parts of India. This will complement our existing online platform and provide a seamless shopping experience. Our long-term vision is to expand our reach beyond India and establish a global presence. We aspire to make Beyoung a globally recognizable and trusted brand, serving customers in different countries.