INC5

Inc.5, a Mumbai-based footwear and accessories retailer, was established in 1998 to address a gap in the market for trendy and comfortable footwear for the 16-35 age demographic. The company originated from the Virji family's long-standing presence in the shoe industry, with their grandfather having launched 'Regal Shoes' in 1954. Identifying an opportunity in the market, Almas Nanda, at the age of 24, founded Inc.5 with the vision of offering stylish shoes that did not sacrifice comfort. She was soon joined by her brother, Amin Virji, who serves as the Managing Director. The business began with a modest 100-square-foot store in Mumbai's Heera Panna Shopping Center. In 2001, Regal Shoes and Inc.5 merged to form Inc.5 Shoes Private Limited.

The company operates on an omnichannel retail model, selling its products through a combination of exclusive brand outlets, shop-in-shop locations in major department stores like Shoppers Stop and Lifestyle, and a significant online presence. Its e-commerce strategy includes its own website, inc5shop.com, as well as partnerships with major online marketplaces such as Myntra, Nykaa Fashion, and AJIO. This direct-to-consumer approach allows the company to maintain control over its brand and distribution channels. Revenue is generated through the sale of footwear and accessories. For the fiscal year 2022-23, the company reported revenue of Rs 220 crore with a 15% EBITDA margin, and for the fiscal year ending March 31, 2024, the revenue was ₹210Cr. The company does not operate on a franchise model, owning all its stores.

Inc.5 offers a wide array of products for both men and women, including footwear and, more recently, handbags. The product range spans various categories from casual and formal wear to loungewear and occasion-specific collections, such as their popular wedding season line. A key focus is blending international fashion trends with Indian market preferences to create designs that are both globally influenced and locally relevant. While Inc.5 is the primary brand for women's footwear, the company also operates private labels for men's shoes, including the luxury brand 'Atesber' and the mid-range brand 'PRIVO'. In October 2023, the company secured its first institutional funding of $10 million in a Series A round led by Carpediem Capital, with participation from Param Capital and P3 Venture Fund, to fuel its expansion plans. These plans include tripling its retail footprint, with a focus on Tier 2 and Tier 3 cities, enhancing its online presence, and investing in inventory management technology.

Keywords: footwear retailer, omnichannel, direct-to-consumer, fashion accessories, Indian shoe market, women's footwear, men's footwear, ethnic wear, formal shoes, casual shoes, handbags, retail expansion, e-commerce, private label footwear, Atesber, PRIVO, family business, Mumbai startup, designer footwear, comfortable shoes