Fashion and lifestyle retailer Citykart reported double digit sales growth in the first quarter of its financial year. The value retailer plans to continue to expand its retail footprint to drive growth and aims to reach a total of 300 brick-and-mortar stores in India by 2026.
“We witnessed a good traction towards our offering from existing and new customers during the first three months of the year,” said Citykart’s CEO and founder Sudhanshu Agarwal, ET Retail reported. “Our customer-centric strategy, combined with an emphasis on providing value and exclusivity in fashion, has enabled us to maintain a competitive edge in the market.”
Citykart counts 93 stores spread across seven Indian states: Bihar, Uttar Pradesh, Madhya Pradesh, Chhattisgarh, Tripura, Odisha, and Assam as of the first quarter of the 2024 financial year which ended on June 30. The business attributes its sales growth to its retail presence as well as to its focus on product categories outside of its core fashion business. These include cosmetics, accessories, luggage, footwear, and household products.
The business plans to facilitate further growth by raising funds through either debt or equity in the latter half if the 2024 financial year. “We are committed to maintaining our financial health and profitability and plan to keep up the momentum we have achieved while catering to customers’ preferences and requirements,” said Agarwal.
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