With the Indian flip-flop and casual footwear market reaching $4 billion with a CAGR of 6 percent, Solethreads, a brand incepted in 2019, is an environmentally conscious unisex footwear brand led by consistent design innovations.
Solethreads follows an innovative business model to sell its products across multiple channels which include MBOs, e-commerce marketplaces, and D2C. The brand was further able to form a strategic partnership with Metro Shoes and expanded from 50 to 250 stores in a span of 2 months.
“With 22 offline distributors servicing more than 800 multi-brand retail outlets, we have strategic partnerships with Metro Mochi for over 250 stores, in online space, we are visible on AJIO, Amazon, Myntra, Flipkart, and on D2C,” said Gaurav Chopra, CEO & Co-Founder, Solethreads.
Currently, with a headcount of 60, the brand has an estimated customer base of 10 lakh, while its projected turnover is Rs 40 crore. With an urban target audience falling within the age bracket of 22-30, the brand is aiming for Rs 100 crore in net sales value in FY 24 and Rs 250 Crore in FY 25.
The brand further aims for an offline distribution with targeted expansion in 1,500 MBOs, expanding into more than 1,000 stores with metro as well as other regional or large format retail outlets.