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VMPL
New Delhi [India], January 23: Citykart is setting its sights on becoming the go-to destination for affordable fashion in tier II and III cities across India. The brand is gearing up to expand its presence while offering budget-friendly options for the entire family. With 127 stores already operating in 89 cities, including key markets like Uttar Pradesh, Bihar, Delhi, Assam, Orissa, Jharkhand, Arunachal Pradesh, and Chhattisgarh, Citykart aims to hit 150 stores by the end of this fiscal year. It plans to open 15+ additional stores in at least 10 new cities next fiscal year. The typical store spans 6,000 to 12,000 sq. ft., with investments of Rs 1,200 to Rs 1,500 per sq. ft. Citykart reported a 20% revenue increase in FY24, reaching Rs 628 crore compared to Rs 524 crore in the previous year. Its EBITDA margins grew from 3.9% to 6.1%. The company targets revenues between Rs 950-1,000 crore for the current fiscal year and EBITDA margins of 8-9%. Sudhanshu Agarwal, Director, Citykart said, "At Citykart, we see expansion as an opportunity to address the changing expectations of families in smaller cities. Through this expansion, we are reimagining the shopping experience, making it affordable, accessible, and aligned with modern consumer needs. By integrating innovative backend solutions and strengthening our product mix, we are setting a foundation for long-term value creation while supporting the shift to organized retail." As consumer aspirations and spending power grow, the brand is committed to making fashion accessible without compromising on quality. Its product range includes men's wear (32% of sales), women's wear (23%), kids' wear (23%), and accessories and general merchandise (22%). It is also enhancing its general merchandise category by adding new subcategories like cosmetics to better meet customer needs. Same-store sales growth (SSSG) for Citykart stands at 13%, supported by a 7-10% rise in footfalls in smaller markets and improved conversion rates due to changes in the product assortment. The brand is focusing on catering to more customers and ensuring repeat visits rather than increasing the average selling price, which currently stands at Rs 330. Citykart is also strengthening its backend operations, investing in warehouse, supply chain, and inventory management to improve efficiency and better support its growing network. It aims to create a seamless shopping experience for our customers while maintaining operational efficiency. https://citykart.https://citykart.co.in/co.in/ (ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same)
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