The street culture in India is growing and the fastest growing product is sneakers.
The millennial and gen z audience is changing the way sneakers are worn. From weddings to board rooms, there’s sneaker heads everywhere. As per Statista, in 2023, the sneaker segment in India is expected to generate a revenue of $2.63billion. It is expected to grow annually by 6.18 percent. Thanks to this growth, companies in the sector are also growing.
SoleSearch founded by Param Minhas, Prabal Baghla and Rannvijay Singh, an Indian street culture brand has secured Rs 6 crore in their debut funding round from Venture Catalyst, Anthill Ventures, Cornerstone Sports LLP, and other marquee individuals.
In a chat with Storyboard18, Rannvijay Singh discussed the company’s recent funding round, its plans for expansion, and its vision for the future of street culture in India.
Excerpts.
Can you tell us more about SoleSearch’s debut funding round and how you plan to allocate the funds raised?
We are thrilled to have received support from some incredible venture capitalists and marquee individuals who share our vision and are joining us on our journey. Until a few years ago, the Indian street industry was a niche subculture, but today we are one of the fastest-growing countries in the sneaker and street culture space. This funding not only serves as a catalyst for our growth but also helps us gauge the potential of this industry and how fast it is booming.
From day one, we have been clear about strengthening our technology, opening stores and expanding our team to serve the world’s largest gen z and millennial population. We will be launching a mobile application with a shopping experience unlike any before this month and will be opening stores in Hyderabad and Mumbai next month further spreading this message.
With the Indian sneaker market projected to grow by 20.5% in 2023, how does SoleSearch plan to stay ahead of its competitors?
SoleSearch has established a highly robust customer and vendor network that helps keep up with demand and supply. Our verification process for the products are of international standard. By doing so, we have created a network that is stronger than what is typically seen in the market. We plan to take advantage of this strength by offering products and services at competitive pricing that sets us apart from our competitors.
Where do you see the sneaker culture heading? What’s the next big thing we can expect in the space?
As a long-time sneaker enthusiast with over 20 years of collecting experience, I’ve witnessed the tremendous growth of the market, fueled by entry and expansion of international brands, celebrity collaborations and endorsements. Sneakers are now considered collectibles, with a passionate following among Gen Z and millennials. Our audience has an average age of 25 and is willing to spend over Rs20000 on a single pair of sneakers. This trend extends to other collectibles like watches, T-shirts, and merchandise that evoke a sense of nostalgia or connect with a specific icon or memory.
The emotion of nostalgia has played a key role in driving this trend, and it hasn’t gone unnoticed by some of the world’s largest fashion houses. Luxury brands such as Louis Vuitton and Gucci are now embracing street culture and incorporating it into their designs.
What role do physical stores play in the overall strategy of SoleSearch and how do they complement the company’s online presence?
As we are expanding our product offerings and where customers can find them, we believe that it is critical to have on-ground presence for customers to be able to come experience our brand first hand. Our physical spaces would become a point of community building and activations where like minded consumers can come together and celebrate street culture as we know, besides just participating in the commerce part of it.
With the rapid growth of e-commerce in India, how is SoleSearch leveraging technology to improve its online platform and offer a seamless shopping experience to customers?
We’re doing this by creating state-of-the-art digital experiences, be it in terms of a web marketplace or our upcoming mobile application that will change the way Indians shop today. Besides having a wide collection of product categories and products, we’re also gamifying the entire commerce experience by allowing people to earn rewards when they buy from us or engage with our application. These rewards can further be utilised for exclusive in-app releases, drops, giveaways and other cool engagements. The idea is to make shopping fun, interactive and not just a mere transaction.
Can you discuss SoleSearch’s marketing spends and how the company plans to allocate its marketing budget in the coming months?
Over the coming months our marketing spends are going to be spread across scaling the overall business via performance and growth marketing. We will be investing significantly into scaling the reach of our mobile application once it releases. Besides our core e-commerce business, some budgets will be allocated to the promotion of our on-ground retail spaces to drive footfall. Finally, we will also continue investing into our robust events division which allows us to interact with our community pan-India through our flagship live-event IPs.