Vegan beauty brand Plum is eying a larger share in the offline market and has introduced its first exclusive brand outlets (EBO) in Mumbai. In line with the strategy, the company now plans to launch 50 more outlets in the country in the next two years. The brand already has a presence in about 750 multi-brand stores (MBOs) and about 10,000 general trade stores.
“While we have a wide presence, our focus now is to go deeper in locations where we are present,” Shankar Prasad, CEO and Founder, Plum told Moneycontrol.
“We have grown our stock keeping units rapidly in the last one year from 60-70 to over 150 and we want the consumers to experience the full breadth of our product range,” he added.
The company will be initially opening about 18-20 stores in the metro locations and then move to tier II and beyond locations. The average size of the stores will be about 350-400 square feet. The company has announced the opening of its first-ever exclusive store at R-City Mall in Mumbai.
The company claims it has a customer base of three million and serves three lakh customers on a monthly basis. It started out as an online-only brand in 2014, and has since built its distribution presence over the last four years, and now reaches over 225 towns and cities in India. According to the company it has an annualized run rate of Rs. 200 crores.
Plum currently draws about 35 percent of its sales from offline channels and the rest from its D2C platform and e-commerce marketplaces. The ratio between the two channels, said Prasad, will remain the same in the short term even as they open exclusive stores given the high growth being witnessed in the online channels.
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