Magicpin Thrives, Attracts Brands, Boosts Revenue
02 June 2023, Mumbai
Magicpin, an offline fashion discovery and savings platform, has made significant strides in the past year by adding over 150 fashion brands and 10,000 fashion stores to its platform.
The company has set ambitious goals to add another 10,000 stores by the end of the year.
Notable brands such as Puma, Levi’s, and United Colors of Benetton have joined Magicpin in the past 12 months, contributing to the platform's growth.
Catalogue size expanded
With an increased catalogue size of 5 million SKUs, Magicpin leverages geo-tagging to analyze local trends and provide targeted recommendations to customers, thereby boosting fashion store revenue. The fashion category currently accounts for 25% of Magicpin's total business, with steady 10% month-on-month growth and a doubling of scale over the past year.
Promisingly growing
The Indian fashion market shows promising potential, with an estimated size of $97.8 billion in 2020, projected to reach $180 billion by 2030 at an annual growth rate of 8.5%.
