The Souled Store turns a profit in FY24 despite rising costs

Apparel and accessories brand The Souled Store reported a net profit of Rs 18 crore in the 2024 financial year and saw its revenue increase by 54.5% year on year during the fiscal to total Rs 360 crore, compared to Rs 233 crore in the 2023 financial year. 

The Souled Store received an additional Rs 5 crore revenue from gains from investments and interest on deposits, Indian Retailer Bureau reported. The direct to customer business’ total expenditure increased by 40.3% year on year in the 2024 fiscal to total Rs 355 crore compared to Rs 253 crore a year prior, according to data at the Registrar of Companies. 

Continuing to focus on expanding its customer base, The Souled Store spent Rs 68 crore on advertising activities. The business’ procurement costs increased by 68.5% during the 2024 financial year to reach Rs 150 crore. Rent costs were up by 77.8% year on year during the fiscal and employee benefits increased by 34.5%. The Souled Store’s total assets had a value of Rs 225 crore at the end of the financial year which ended on March 31, 2024. 

The Souled Store was established in 2014 as a casual wear and accessories brand and today counts 18 brick-and-mortar stores in India along with its direct to customer e-commerce store. The business is backed by Elevation Capital and Xponentia Capital, according to TheKredible.