New Delhi: India based Fashion and lifestyle e-commerce player LimeRoad today said in a statement that they have clearly achieved number two spot in online fashion segment supported by strong growth rate and customer acquisition among other important contributing factors.
“2017 has been a strong year for LimeRoad. We continued to outperform the online fashion industry growth rates. While the e-commerce market would grow at the rate of 30 per cent compound annual growth rate, LimeRoad continues to grow at 150% in terms of revenue and the traffic received is about 50 million per month, this made us emerge as a clear 2nd in online fashion vertical,” said Suchi Mukherjee, founder & CEO, LimeRoad.
Earlier the news of Myntra-Jabong combined entity holding 40 per cent of web-based fast fashion market was there in the market. On the other hand LimeRoad claimed it has achieved break-even excluding marketing cost and have progressed to EBITDA breakeven. “We broke even post all marketing and made steady progress to EBITDA breakeven,” she said.
Their online platform that showcases and sells apparel, accessories for men, women and now kids, has introduced fastest LimeRoad mobile site this year, in addition of introducing kids wear segment LimeRoad MINI.
LimeRoad targets 5-10% of overall business from this newly launched segment, by next year. According to LimeRoad, it has outperformed the online fashion industry growth rates for repetitive 10 consecutive quarters. During Nov’16, following demonetization, when the online market of rest of the industry recorded a 30%+ decline in sales relative to Oct’16, LimeRoad’s sales were flat relative to Oct’16 and continued to grow in Dec’16.
About 70% of LimeRoad’s 50 million visits per month are through women users.
“The LimeRoad app accounts for nearly 70% of sales, it has the highest conversion rate in the country of nearly 15% where industry average is 3-4%, with higher performers we believe in the 6-7% range,” said Mukherjee.
The company has managed to raise about $50 million through funding of Tiger Global Management, Lightspeed Venture Partners and Matrix Partners India.