Direct-to-consumer (D2C) lifestyle brand Zouk on Wednesday said it aims to garner Rs 100 crore annual revenue run rate by FY 2023 as it looks to expand product range and strengthen international operations across the US and Middle East.
Founded by Disha Singh and Pradeep Krishnakumar, Zouk makes laptop bags, tote handbags, slings and chain wallets using ''vegan leather''. Its products are made by local artisans at the company's in-house facility in Mumbai.
''We wanted to offer products that were stylish and functional, and had a essence of Indian handicraft. We've moved from being around 10,000 customers to 60,000-plus customers and we hit the one lakh mark in December, thanks to the massive support from our customer base,'' Zouk co-founder and COO Pradeep Krishnakumar told PTI.
Zouk's customer base is expanding at a strong pace and the company aims to garner Rs 100 crore annual revenue run rate by FY 2023, he added.
Revenue run rate is a method of projecting upcoming revenue over a longer period of time based on previously earned revenue.
Krishnakumar, however, did not comment on current revenue numbers.
In July last year, Zouk had raised Rs 11.75 crore ($1.5 million) in pre-series A funding round, led by Stellaris Venture Partners, along with participation by the founders of Wow Skin Science and existing investor Titan Capital.
Talking about the company's expansion plans, Krishnakumar said Zouk will be pushing its products in international markets by FY 2023.
''We've done a few bespoke orders, these are customers or friends of customers who suggested. So we've already shipped a few orders internationally. By FY 2023, we will be pushing our products in the international markets, it will be primarily online-driven,'' he said.
The executive added that in terms of geographies, the company will focus on markets like the US, Canada, and Middle East.
''Zouk is also looking at expanding product range from wallets and handbags. While we can't speak of the segments right now, the products will have elements of functionality and Indian designs... There are over 200 artisans associated in making Zouk's products and we are looking at upskilling 10,000 more in the future as the demand for the products scale up,'' he added.
Krishnakumar said offline expansion is also on the cards for the brand. ''The company started its journey offline via 50-plus exhibitions and will look at multiple formats like partnering with large offline brands, pop-up stores in malls etc before a full-fledged offline store launch,'' he added.
