Zivame Company Owner

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Therefore, a CEO with different skills and relevant previous experience was needed, and Kar had to step down as CEO in January 2017. However, she remained a member of the board of directors and did not dilute or sell her stake in the company. Some of the reasons that do not guarantee a successful relationship with investors and help the company succeed are: Under Jain`s leadership, Zivame grew its business from 10 retail stores in 2017 to over 35 in 2019. Zivame cut its operating losses in fiscal 2019 by nearly 39 percent to $19.56 billion, up from $32.1 billion in fiscal 2018. The company generated total revenue of $140 billion in fiscal 2019 with total expenses of $160 billion. Zivame achieved an annualized rate of $47.48 million for fiscal 2020. Zivame is an online retailer that sells women`s clothing and intimate clothing. Women`s underwear, swimwear, loungewear, sleepwear and related categories are sold by the company, which also offers tips to help women choose business and branded items so they can meet all their clothing requirements in one place, namely the company`s online portal. The company underwent management transformations in the early years and since 2017 has been focusing on sustainability by combining online and physical techniques. As a result, Zivame`s losses in FY18 decreased by approximately 39% to INR 19.56 Cr from INR 32.11 in FY18. In the 2018-19 fiscal year, the company recorded a total turnover of INR 141.89 and a total cost of INR 160.01, according to documents filed by the company.

In some companies, CEO transitions are smoother, which is crucial to help the company capitalize on past successes and move on to the next phase of growth. But unfortunately, CEO transitions aren`t as smooth in most companies, which can disrupt how businesses operate. In the environments of conventional Indian society, girls are questioned and in many families they do not have the freedom to do anything beyond their studies, but there are exceptionally strong women who struggle to possess freedom and achieve their dreams. Below is the journey of one of these entrepreneurs – Richa Kar, owner of a popular Indian online lingerie brand Zivame. Richa Kar`s entrepreneurial journey was difficult from the beginning, as her parents did not support her and opposed her idea. Rika`s mother was ashamed of her idea of selling lingerie because she was afraid of what others would say and the judgments they would make if she told them about her daughter`s profession. While Richa hoped her father would support her, Richa Kar`s father didn`t have the idea of selling lingerie online, so no support was provided on his side either. However, the only thing that remained rock solid was Rika`s determination for her goal, and through her hard work and determination, she built the Zivame company, which was worth more than Rs.

681 Cr. The company had already raised $9 million from various big names in the industry such as IDG Ventures India, Kalaari Capital and Unilazer Ventures. Zivame counts Ratan Tata as an investor and now we all know it`s huge! Zivame is India`s largest online lingerie shop, offering Indian women a wide selection, including 5,000 models, 50 brands and 100 sizes worth $100 million. “To our amazement, offline sales returned to pre-Covid levels a few months ago,” said Amisha Jain, CEO of Zivame. Reliance Brands is one of the owners of the first digital retailer, which has opened about 24 new stores in the past four months and aims to triple that number in 2021. It would also allow Zivame to adjust product requirements and maintain inventories accordingly. The company has also focused on AI-based supply chain, which has been another key driver of its multi-channel expansion. Starting a business from scratch and growing it into a successful business requires the total commitment of the entrepreneur. For founders, it is natural to develop a very close connection with their company and find it difficult to entrust the leadership position to a foreigner. Richa Kar chose the name “Ziva,” which means charisma in Hebrew.

But Ziva wasn`t available, so she chose Zivame, which means “radiant.” Under Sinha`s leadership, Zivame reported revenue of $86.6 billion for fiscal 2018, up nearly 63 percent from fiscal 2017. The company`s loss fell 44% in fiscal 2017. The investors then decided to hire a new CEO with retail experience to make Zivame profitable. In 2017, Richa Kar resigned as CEO after the company`s major shareholders and investor consortium decided to fill senior management. She went on to say that she is convinced Zivame has the answer to tens of thousands of Indian women`s underwear problems. However, there was an uncomfortable silence of ten seconds when she informed someone. The next step was to integrate the company, get a payment gateway and rent office space. Each of these processes has been challenging due to the nature of the industry in which the company operates. Spencer hired her as head of brand communications after completing her MBA. She was quickly promoted and remained there until 2011, when she was hired as a consultant by SAP.

She had the opportunity to work with Limited Brand, the company that owns Victoria`s Secret, during her time at SAP. Their meeting with the client was the trigger for the founding of Zivame. Richa Kar borrowed INR 30 lakhs from friends and family to finance her business. She started on August 25, 2011 in a small office and received her first assignment 5 hours later. As the company grew, the company sought funding and raised $9 million in two rounds from investors including IDG Ventures, Kalaari Capital and Unilazer Ventures. Three years after its launch, Zivame now had 200 people. The major shareholders and syndicate of investors, consisting of KC, Zodius Capital, IDG, Unilazer Ventures and others, decided to move away from Richa`s private label or single-brand model and grow the company using the market model. However, after initial success in the first four years, things changed and the company reported an 84% increase in net loss to $54 billion for fiscal 2016 and net revenue growth of just 38% to $62.6 billion. Richa began her studies studying engineering at BITS Pilani. She worked for a company for a while before completing a master`s degree at Narsee Monji School of Management.

It was there that she discovered her talent for extreme leadership. She then embarked on a long career in retail, where she began to develop her business acumen. She realized the importance of thinking on her feet and making quick decisions while remaining professional and polite. During her time at Spencer and SAP, she gained experience in retail consulting. She then worked for Limited, a parent company of Victoria`s Secret. In 2015-2016, the company experienced one of its biggest problems. In fiscal 2016, the company`s overall loss increased by 84% to nearly 54 crores. In terms of revenue, Zivame`s main source of revenue is product revenue, which amounted to INR Cr 137.42 in fiscal year 2019, up 59.49% from INR Cr 86.16 in 2018.

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