In April, IOS reported that Urban ladder applied to the Department of Industrial Policy and Promotions (DIPP) for permission to become a single brand retailer. In a recent statement, the online furniture company said their application for a single brand retail (SBRT) license was approved by the DIPP.
Becoming India’s most loved brand
Ashish Goel, CEO of Urban Ladder said, “The SBRT licence is a huge vote of confidence and encouragement from the government to young, Indian companies like ours. Creating a nurturing ecosystem for entrepreneurs is beneficial for business, customers, and the country.”
This licence is also going to allow Urban Ladder to:
- Convert current online sellers into contract manufacturers
- Fulfil its ambition to be a global furniture retailer
- Offer more flexibility when it comes to designs and product sourcing
- Allow more control over the supply chain for healthy inventory
- Enable digital transactions without the need for third-party sellers
Goel further claimed that, “This licence helps us at Urban Ladder build a brand that can pursue its ambitions as well as help shape the economy impactfully. It will give us the necessary push in becoming India’s most loved consumer brand.”
Expansion and profitability
While the furniture etailer waited for approval from the DIPP, it coaxed investors for funds. It also revealed its plans for physical stores and wound up three warehouses as part of its plan for profitability. Urban Ladder even signed up to sell on Amazon and Flipkart for improved visibility. Almost a year ago, the etailer planned on touching profitability in 2 years. Well, it’s one year down but there are no such signs of it speeding towards profits.
Hopefully, its offline approach paired with its single brand strategy will lead the way to the big bucks for the online furniture retailer.