The D2C brand recently launched its first three stores across Bengaluru, New Delhi, and Lucknow. Wakefit.co aims to also open a few more stores across key markets such as Pune, Chennai, and Hyderabad. The stores are planned as mega retail stores with an average size of 3,000 sq.ft and will be strategically located in areas with a high density of furniture retailers to drive organic footfalls.
The expansion comes at a time when Wakefit.co has completed 6 years in the industry while having recorded a revenue of Rs 416 crore in FY21. The newly launched retail stores will operate in an omnichannel model where customers can purchase from the stores while also having the option to place online orders at the store. Designed in a lived-in concept with a minimalist and chic design, the offline stores will display an overall of 500 SKUs from Wakefit.co’s wide furniture and home solutions range that are part of the company’s product portfolio.
Vishal Khandelwal, Head of Retail, Wakefit.co said, “With the launch of our first few offline retail stores, we aim to further our vision of being the most loved home solutions company in India. We are currently growing at a rate of 2.5 to 3x every year and have been consistently introducing newer products into our portfolio. Currently, Wakefit.co’s furniture segment contributes to nearly 23 percent of our monthly revenues, and the offline retail expansion comes at a time when we are growing aggressively.”
“As a D2C brand, we are constantly connected with our customers and have thoroughly understood the fact that the touch and feel aspect is an integral factor to make a purchase decision when it comes to furniture. Materializing on this feedback from our customers, came the decision to launch our very own retail stores across the country. While we are expecting our existing and upcoming offline stores to contribute close to 20 percent of our annual revenues in the upcoming financial year, we also aim to ramp up our offline expansion drive exponentially by FY 23,” he added.
Wakefit.co has currently served over 8 lakh customers across 19,000 pin codes in the country and garnered over 3 lakh positive reviews online. Headquartered in Bengaluru, the Silicon Valley of India, Wakefit.co also plans to launch two more stores in the city after having launched one store recently. Wakefit.co currently has over 600 different product SKUs in its home and sleep portfolio which are available across our online and offline platforms.