Yogasmoga is moving forward with an aggressive growth plan to operate 12 stores by the end of the year and open 25 more in 2016. The yoga gear retailer is hoping to catch up to rivals Lululemon (NASDAQ:LULU) and Gap's (NYSE:GPS) Athleta, which currently operate 300 and 100 locations respectively, by owning more than 100 locations by 2018.
Yogasmoga was founded by brother and sister duo Rishi and Tapasya Bali, who left careers at Goldman Sachs and Credit Suisse, Women's Wear Daily reported. The company closed its Series B financing round in March, raising $6.5 million and giving the retailer a total value of $74 million. The company's founders claim to have a deep understanding of yoga, having grown up in India.
Yogasmoga is on track to make $10 million in 2015, and online sales have doubled since last year. Started at as online company in 2013, the retailer opened its first stores this fall in Greenwich, Connecticut, and Brentwood, California. A flagship is set to open on Rodeo Drive in Beverly Hills, California, and other California locations will open soon after in Newport Beach, Malibu and La Jolla.
The La Jolla location will be larger than most, spanning 4,000 sq. ft. and debut the retailer's Next Door concept, a community space where consumers can have a free yoga class, surf the internet, and sip coffee and juice. A similar space will unfold at the Malibu Country Mart in the form of an outdoor deck. The goal is to showcase Yogasmoga as a lifestyle and wellness company, not just an apparel retailer.
The yoga apparel fad in the United States does not seem to be slowing down and, in fact, more retailers are looking to get in on a piece of the market. For example, Foot Locker recently announced the launch of SIX:02, a yoga apparel line that is expected to be in 35 stores by the end of 2015.
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