Bangalore-based fashion etailer Voonik’s aims to be profitable at ebitda levels by fiscal year 2020. The target for 2022 is to surpass a billion dollars gross merchandise value, with the same commission structure. Voonik’s revenues are split equally between men’s and women’s catalogues. In men’s, the big category is footwear, followed by accessories ranging from sunglasses, watches and jewelry items.
Voonik has a hub-and-spoke sourcing model where it has 30,000 suppliers across more than 100 cities covered under 15 to 20 hubs. The aim is to provide a buying experience for the unbranded category. In the last financial year Voonik touched $100 million gross merchandise value, wherein its revenue stood at $20 million. The plan is to double these figures in the current year.
Bangalore-based, Voonik has a conversion rate of 14 per cent and an app usage rate of 50 per cent and a return rate of six per cent to seven per cent. Also part of the app are videos of 30 to 60 seconds. These are educational in nature.