Purple Panda Fashions, which owns and operates online lingerie store Clovia, is planning to expand its production capacity from 5 lakh to 12 lakh units by the end.
The company expects to grow its business by 50 per cent quarter-on-quarter in 2016-17. They are expecting their revenues to grow 1.5 times.
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.
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 per cent of the market, according to industry estimates. Clovia competes with online brands like Zivame, PrettySecrets, Cilory, Straps and Strings, among others. Clovia presently designs in-house, and outsources the production to over 16 factories, primarily across North India.
