Delhi-based fashion house, High Street Essentials Pvt. Ltd. (HSE), the parent company behind women-centric fashion brands, FabAlley and Indya, announced its financial results for the fiscal year ending March 31st, 2019, reporting a net revenue of Rs 90.2 crore, with an EBITDA of Rs 3.3 crore and a PAT of Rs 1.3 crore. The company has seen a YoY growth of 70 percent and has reported EBITDA-level profitability for the second consecutive year.
HSE was started in 2012 by Shivani Poddar and Tanvi Malik, with fast fashion brand, FabAlley. In 2016 they launched, Indya, an ethnic-fusion brand, in response to the growing demand for contemporary Indian wear.
With thriving websites, 30 brick-and-mortar stores, 350 shops-in-shops and a scaled-up online marketplace presence across both brands, the company has seen gross sales of Rs 125.5 crore in FY19.
The growth results come after a year of sustained efforts towards increased distribution, product expansion and strengthening the company’s technology backbone. In December 2018, the company raised Rs 60 crore in a Series B round of funding by SAIF Partners, which is being strategically deployed towards growth.
Speaking about the profitable fiscal, the founders said “FY19 has marked our transition from a primarily online company to an omnichannel entity while ensuring our infrastructure, supply chain, and product lines expanded efficiently to accommodate both online and offline retail growth with continued capital efficiency. The company is on track to close FY20 with gross sales of Rs 220 crore, at a growth of 75 percent over FY19, with EBITDA and PAT-level profitability.”
In a move to capture the burgeoning fashion accessories market, the company is set to launch its jewellery brand, Zyra, in line with the festive shopping season this year. Priced between Rs 600 – 3,000, the brand will cater to the millennial Indian woman’s morning-to-night jewellery needs and will be retailed through its website, mall kiosks, and the company’s Indya outlets.
In the next 12-18 months, the company aims to expand its retail footprint by increasing its exclusive brand stores’ count to 50 and doubling its shop-in-shops to more than 600.
