Retail blitz: Ace Turtle to target tier 2-3 cities with 100 new stores in FY25
₹293 Crore) in a Series B funding led by Vertex Growth, SBI Investment Co. Ltd, Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures and Trifecta Capital. Existing investors Vertex Southeast Asia and India, and InnoVen Capital also participated in the round.
Its portfolio of brands is available in over 110 stores in the country. “We will open a few flagship stores in large metros, but in tier-2 markets we are still under-penetrated and will focus on these markets," Chhabra added. India’s apparel and footwear market is estimated to reach $160 billion by 2030 from $75 billion in 2022, according to Deloitte.
Homegrown firms, including Aditya Birla Fashion and Retail, Arvind Fashion, and Reliance Retail, have been consolidating their positions in the branded apparel and footwear market to leverage the growing appetite for lifestyle goods among Indians. “While the e-commerce adoption was initially limited to metros and tier 1 cities, retailers have gradually realized the potential in smaller towns and villages. Consequently, they have increased their focus on targeting this demographic by leveraging digital platforms," said Pakhi Saxena, head of retail and consumer products at Wazir Advisors.
"The covid-19 pandemic has made consumers in tier 2 towns more comfortable with online shopping and payment methods, resulting in increased sales through online channels," she added. However, the apparel market will remain sluggish for the next 12 month as shoppers continue to prioritize spending on experiences over products Chhabra said. “It has not been a great year for fashion.
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