D2C fashion brand for men Snitch was in the news for closing a deal of Rs.15 million for 1.5 pc equity from Shark Tank India Season 2.
In a brief conversation with Medianews4u.com, Siddharth Dungarwal, Founder & CEO, Snitch spoke about the product categories, buyer profiles, and future plans.
The brand has 30 product lines and over 2500 outfits, from perfumes, T-shirts, shirts, denims, innerwear, pyjamas, bottom wear, co-ords, sweaters, besides the ‘Plus’ and ‘Luxe’ ranges. The largest selling category for Snitch is shirts which contributes to 50 pc of the total revenue.
“Our topmost selling category is shirts; that’s the major category with which we started. Denims contribute 16 pc of our sales, followed by co-ords which contribute 10 to 15pc, followed by T-shirts at 7 to 8pc. The remaining is split across other categories,” said Dungarwal.
The core TG is people aged 18 to 28 years, who love fashion and are digital-savvy. But this is expanding at the upper end.
“We are catering to GenZ who want to make statements through their clothes. In the last six months, the brand’s TG has gone up to 35 years. I believe the entire grooming of men’s fashion has just started in the last 10 years. Lots of men-centric brands have come into picture which has helped Snitch also to enhance our target audience,” Dungarwal added.
Snitch is planning to open offline stores by the end of 2023 which would be more like ‘digital experience stores’ where the brand’s core products and bestsellers would be available.
“The brand is planning to drive traffic online through the offline stores. You can call it the Lenskart model. By the end of 2023, Snitch will have six to eight stores,” he said.
In terms of markets, Delhi NCR is the largest contributor to sales followed by Maharashtra, Karnataka, Andhra Pradesh, and Telangana. Sales from the North East and places like Jaipur are also encouraging, Dungarwal noted..
Any brand that has to establish itself should crack Tier 1 markets first, and that applies to Snitch as well, believes Dungarwal.
He added, “For us 30 pc of our sales come from Tier 1, 30 pc from Tier 2 and the rest 40 pc is split between Tier 3 and 4 cities.”
Snitch has been growing 3 to 4x year on year, says the Founder, adding that the brand is on track to close 2023 with sales of Rs 110 to 120 crore. The company has been profitable right from the start, he claims.
On marketing and ad spends, he said, “We have been doing ads across digital platforms. Our overall marketing spends would be anywhere between 24 to 25pc which is split towards a lot of channels and digital marketing. We do a lot of performance, retention, and influencer marketing.”
“Our audience are mostly on platforms like Facebook, Instagram, YouTube etc. Hence we are majorly concentrating on digital platforms,” he added.
Currently 95pc of the brand’s sales comes from its own online platforms. On the envisaged share by 2025, Dungarwal said, “By 2025, 60pc of our sales would come through our website and app. About 25 pc would come from marketplaces. 15pc from offline stores. We are relatively new on the marketplaces and started just three to four months back.”
The brand expects to hit a million app downloads in the next three to four weeks, according to Dungarwal.
