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On a recent episode of Shark Tank India Season 4, entrepreneur Komal Panchal presented Kanvas, her Mumbai-based footwear brand. Kanvas combines the richness of traditional Indian art with modern shoe designs. By painting intricate Madhubani, Kalamkari, Pattachitra, and other regional art forms onto shoes, Kanvas aims to offer customers a unique, culturally rich footwear experience.
About Kanvas: More than Just Footwear
Founded by Komal Panchal in 2015, Kanvas is an exciting footwear brand that merges Indian craftsmanship with contemporary design. The brand is on a mission to celebrate India's diverse art forms by incorporating them into fashion, with a focus on footwear as a canvas for storytelling. Kanvas' product range includes over 300 SKUs, offering men’s and women’s shoes made from canvas, cotton, and PU leather, all adorned with vibrant, traditional artwork.
The standout feature of Kanvas products is the UV coating applied to the prints, ensuring that the artwork remains protected from fading. According to Panchal, the shoes are built for durability, with men’s footwear having an estimated lifespan of up to four years. The brand’s emphasis on sustainability and authenticity is evident in its commitment to hand-painted designs, which offer customers a unique, one-of-a-kind product every time.
Key Financials: Kanvas’ Growth and Market Reach
When Komal appeared on Shark Tank India, she was seeking an investment of Rs. 60 Lakh for a 6% equity stake in Kanvas, valuing the company at Rs. 10 Crores. As of FY 2023-24, Kanvas has been showing consistent growth, with projected sales of Rs. 77 Lakhs for FY 24-25. In FY 21-22, the brand’s sales reached Rs. 67 Lakhs, a significant rise from Rs. 46 Lakhs in FY 19-20. The average selling price of men’s footwear is around Rs. 4,000.
Sales Performance:
- FY 19-20: Rs. 46 Lakhs
- FY 20-21: Rs. 28 Lakhs
- FY 21-22: Rs. 67 Lakhs
- FY 22-23: Rs. 69 Lakhs
- FY 23-24 (Projected): Rs. 77 Lakhs
Customer Retention: Kanvas enjoys a year-on-year customer retention rate of 23%, which indicates a solid base of loyal customers.
Kanvas' cost breakdown includes GST at 15%, making costs at 26%, packaging at 3%, and marketing at 13%, among others, leading to a net margin of 15%.
The Product Expansion Roadmap
Kanvas is not just limited to footwear. Founder Komal Panchal revealed plans to expand the product line further, including the launch of bags, scarves, wallets, and belts. This diversification strategy aims to attract a wider audience and strengthen the brand’s position in the market.
Kanvas’ approach focuses on individuality, with custom-made products tailored to meet diverse customer needs. Their dedication to promoting hand-painted art ensures each product stands out, allowing customers to showcase their personality through unique, culturally-infused designs.
Sharks' Feedback: No Deals, but Valuable Insights
Despite the compelling pitch, none of the Sharks decided to invest in Kanvas. Here's a quick look at the Sharks' feedback.
- Anupam Mittal: He opted out, stating that Kanvas is a niche product that doesn’t need external funding at its current stage.
- Kunal Bahl: Kunal saw limited growth potential in the category and felt the business wouldn't scale as quickly as needed, leading him to opt out.
- Namita Thapar: Namita felt that the business wasn’t investment-ready yet, mainly due to its pre-revenue stage.
- Ritesh Agarwal: Ritesh advised Komal to scale up production and refine the pricing strategy but ultimately chose not to invest, citing a lack of clarity in the business model.
- Aman Gupta: Aman echoed the concerns about the clarity of the business model and opted out as well.
While Kanvas did not secure any deals, the feedback from the Sharks was valuable. Their insights provided Komal with useful guidance on how to approach scaling production, refining the business model, and exploring avenues for growth.
Kanvas’ Unique Position: Celebrating Indian Art
One of the key aspects that set Kanvas apart is its dedication to preserving and promoting traditional Indian art forms. Through its hand-painted footwear, the brand brings Madhubani, Kalamkari, Pattachitra, and other regional arts into the modern world of fashion. This not only creates a niche but also helps preserve these intricate art forms that are often overlooked in mainstream fashion.
Kanvas offers a tangible and accessible way for customers to experience and celebrate the beauty of Indian handicrafts. Each pair of shoes is a canvas, telling a story of heritage and creativity.
The Road Ahead for Kanvas
Despite not securing an investment on Shark Tank India, Kanvas' unique approach to footwear, combining Indian art with modern design, has the potential to create a lasting impact in the fashion industry. Komal Panchal’s vision remains focused on product expansion and scaling her operations. The market for culturally infused fashion is growing, and with a clear roadmap for future growth, Kanvas is well-positioned to tap into this demand.
Komal’s journey with Kanvas continues as she seeks to make her mark on the Indian fashion landscape. The brand’s commitment to sustainability, cultural heritage, and individuality is sure to resonate with customers who are looking for more than just a product—they’re looking for a story.
Kanvas may not have walked away with a deal on Shark Tank India, but its cultural significance and creative business model offer promising potential for the future. The brand’s fusion of tradition and fashion is sure to continue captivating those who value art, craftsmanship, and individuality.