Jaypore To Expand In Bangalore, Mumbai Post Its First Outlet In Delhi
Five years ago, Jaypore started with one key idea to present the best-kept secrets of Indian craft and design in contemporary iterations to the global audience through its online platform. The online store works on a curated marketplace model sourcing apparel, jewellery, lifestyle accessories and home decor from about 500 vendors. It has recently forayed into offline space with its first physical outlet in Delhi.
“With the offline expansion of Jaypore, we have bridged the gap for our customers to what they see online and how it feels in person which gave them a touch and feel experience. The physical and digital world comes together in the form of in-store tablets. The digital screens facilitate browsers with detailed information about the store with options, style guides, tips and a quick access to the entire Jaypore universe while in store,” said Chawla.
As far as the growth is concerned, Chawla is looking at offline order value and the revenue share to raise by 25-30% by the end of the fiscal year with the stores to turn EBITDA positive within 3-6 months of operations. Posting a monthly revenue of INR 5 crore, the online-first platform bets big on its offline expansion with plans to set up 4-8 stores across four major metros over the next 12 months. “We have plans to open between 4-8 stores across the top four metros with 1-2 stores in each of them; next would be Bangalore and Mumbai. Our focus is on being a digital first brand with omni-channel efficiencies that help us create a holistically qualitative customer experience across platforms. Physical stores and open houses will be a part of our overall brand plan, and it is definitely an intensive component. We are actively looking to increase our margins with a dedicated focus on growing our private label contribution to the overall revenues. We are also positive to pace towards profitability with our offline initiatives and turn profitable in the next 15 months,” said Chawla.
Jaypore has succeeded in being the first in the segment to venture offline after building a successful online entity and expects to raise funds by end of this year. Having raised over INR 75 crore so far, the store leans towards its private label brands which currently form about 30% of the business across categories of apparel, jewellery and lifestyle accessories.
Spread across 1,400 square feet and two levels, the Jaypore store in Delhi is an attempt to connect with its audience at a deeper level, giving them a first-hand touch and feel experience that is not possible online.
