02 June 2022, Mumbai:

E-commerce giant Flipkart sold over 200 million fashion products across nearly 19,200 pin codes. Most of these sales were recorded during the Spring Summer Season sale where over 175,000 sellers from metro and Tier II and III cities also participated. Customers shopped for fashion and lifestyle products including sarees, men’s T-shirts, watches, sunglasses, women’s kurtis and footwear, from national, international and homegrown fashion brands.

This is the first time Flipkart has hit 200 million orders in the fashion category, from January to May this year, considered as the spring-summer season, surpassing the pre-pandemic sales in 2019 as the fashion segment grew rapidly for the company amid COVID.

The season saw customers shopping for fashion products from across the country including metros and a majority of these customers also from Tier III, IV and V cities for fashion products from cities like Ranchi, Ernakulam, Kanpur, Medinipur and Cuttack, and a substantial number of the overall customer base were first-time fashion shoppers.

This season, Flipkart Fashion saw participation from hundreds of made in India brands which included sarees, men’s T-shirts, watches, sunglasses, women’s kurtis, footwear and jeans. The season saw tremendous growth for its fashion seller partners and boosted consumption from audiences across the country.

Walmart-owned Flipkart is in a fierce battle with rivals such as Amazon, Reliance’s JioMart and Tata to tap the booming e-commerce market in India. The Covid-19 pandemic has accelerated the shift to e-commerce, and more consumers are shopping online at a higher frequency on the e-commerce platforms. The online retail market in India is expected to reach $350 billion by 2030 from $45-50 billion now.

07 June 2022, Mumbai:

The size of the fashion e-commerce market in India will grow by 35 per cent to around $30 billion in the next five years, says NanditaSinha, CEO, Myntra.

According to Sinha, the Indian e-commerce industry is going through a "transformational" growth phase with India having 1 billion internet users by 2030 and 50 per cent of its population below 25 years. A lot of these consumers who are below the age of 25 will get digitized.

India is an under-penetrated country from the brands point of view as it has less brands per capita consumption than the Southeast Asian countries or the West, adds Sinha.

There is a proliferation of brands that is coming into the country to build their brand base, be successful across both online and offline channels and use the next seven to eight years to establish themselves very deeply in the country, she adds further.

Along with international brands, there is an increasing element of building homegrown D2C brands, Sinha adds. Brands are also taking the opportunity to create specialized capsules for India, which are rooted in Indian culture, she states.

01 June 2022, Mumbai:

IKEA India will expand its retail footprint by opening a new store in Bengaluru. To be connected to the Nagasandra metro station, the store will be accessible to many people in Bengaluru.

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Jesper Brodin, CEO, Ingka Group, the parent company of IKEA met Basavaraj Bommai,Chief Minister, Karnataka at the World Economic Forum Meet in Davos, Switzerland and held discussions in the backdrop of the store-opening.

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They discussed issues related to the extensive use of bamboo and other locally available raw materials to make furniture for the store. The store would IKEA's third in the country after Mumbai and Hyderabad.

Spread across 5 lakh sq. ft. the Bengaluru store would employ 800-1000 direct workers and another 1,500 indirectly providing services such as assembly and delivery. The store is expected to attract more than 70 lakh visitors a year.

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27 May 2022, Mumbai:

Reliance Industries has collaborated with footwear brand Clarks to expand its footprint in India. The joint venture company Clarks Reliance Footwear will increase its distribution network by partnering with key retailers in Tier II and III cities.

The company also plans to increase its online as it facilitates the services of customers using online touchpoints as well as online partners, says, Dr N Mohan, CEO.

Another of its strategy includes increasing its online focus which enables it to service customers using online touchpoints as well as with partners.

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The Joint Venture Company currently has 34 EBOs and plans to add another 10 EBOs by the end of this year. It also has a well-established distribution network across the country with a presence in over 700 MBOs. In the MBO format, it retails through both leading shoe chains as well as clothing retailers as partners plus regional chains.

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31 May 2022, Mumbai:

AchintSetia, Head-Marketing and Social Commerce, Myntra has quit from his position in the company. He has nearly 17 years of experience.

As per a Brand Equity Report, having joined Myntra in August 2018, Setia was responsible for brand marketing, performance marketing, loyalty business (Insider) and research.

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He also looked at content and creator led commerce business on Myntra platform and on social media.

Prior to Myntra, Setiawas engaged with Viacom18 media for nearly six . He was the senior vice president, digital ventures and head for VStEP (Viacom18 Startup Engagment Program).

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He also built over-the-top video subscription business and advanced analytics capabilities for Viacom18 digital.

Setia has also worked with McKinsey & Company for five years and Microsoft for three years respectively.

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