30 June 2022, Mumbai:

Flipkart’s End Of Season Sale (EORS) 2022 launched the 24X7 live commerce initiative to connect brands, sellers and influencers with customers engaging in real-time.

Over 10,000 brands and 200,000 sellers came together during the sale to offer over 10 lakh styles of fashionable apparel and accessories for men, women and children.

Held from June 10-17, the weeklong shopping event sold men’s T-shirts, jeans, formal and wedding wear, women's western wear, saris, shoes, luggage, handbags, shoes and watches. Customers also bought travel accessories, raincoats, backpacks, handbags, suitcases and duffle bag.

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Black was the most-shopped for color with over 16 lakh+ units sold. Western wear contributed to almost half of the demand pie which saw brands such as Puma, Adidas, U.S. Polo Assn., Roadster and Highlander being most preferred by customers.

Fitness and health products emerged as priority buys for consumers with over 70 per ent of purchases accounting for sports goods including — running, gym, badminton and cricket shoes. The top searched keyword this season was shoes.

Flipkart recorded highest customer visits from cities such as Bengaluru, Kolkata, New Delhi, Mumbai, Pune, Guwahati and Muzaffarpur, It also witnessed a strong response from the states of Karnataka, Uttar Pradesh and Maharashtra followed by Bihar and West Bengal.

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22 June 2022, Mumbai:

Online beauty and fashion marketplace Nykaa is acquiring the Chriatae-backed fashion e-commerce and discovery platform Little Black Book.

As per a Tech in Asia report, the deal will strengthen Nykaa’s content creation in India and complement its lifestyle and home-décor categories.

It is the latest in the series of investments by the e-commerce platform to boost its product range.

ALSO READ Nykaa x The Ordinary Partners: Arrive in India

The firm recently acquired and made various investments in skincare brand Earth Rhythm, wellness brand Nudge Wellness and women’s sportswear brand Kica.

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Nykaa also plans to acquire Times Internet-owned men’s lifestyle brand MensXP.

The e-commerce platform has been raising funds for these acquisitions since 2019.

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02 July 2022, Mumbai:

As a part of its initiative to scale its assortment of global fashion by curating a special collection of chic and trendy fashion and lifestyle labels, Myntra has launched five international high fashion labels.

The newly launched labels NA-KD, Miss Poem, OXXO, I Saw It First and LC Waikiki, will be showcased in an independent brand store on Myntra to feature the fresh assortment of styles from the high-fashion labels.

1. Miss Poem from Turkey

Design-oriented Miss Poem from Turkey, which was established in 1994, boasts of a 'young vision' for fashion and features products for the quirky and fashionable Gen Z audience, at an ASP of Rs 1,000. With over 120 stores globally, the label operates across stylish dresses, printed tops, and quirky T-shirts on Myntra.

2. OXXO From Turkey

Another popular Turkish label, OXXO, creates unique and sustainable fashion for girls and women in the age groups of 16 to 45, at an ASP of Rs 2,000. The categories on Myntra from this label, feature basic tops, casual bottoms, well-fitted denims, and flowy dresses, making it a favorite among shoppers seeking fresh and trendy fashion.

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3. I Saw It First

The Manchester-based label, I Saw It First, offers edgy high-fashion looks that include body con dresses, printed cropped tops, and flowy skirts. The label caters to a wide audience of women, offering products across sizes, ages, and identities while drawing its inspiration from the ramps of Paris to the beach clubs of Ibiza. Offering a bevy of styles, the label adds to the distinct collection of fashion available on the platform.

4. Swedish high fashion label, NA-KD

The Swedish high fashion label, NA-KD, is another exemplary addition to the collection of international brands on Myntra, with its motto of re-inventing sustainable fashion for next-gen shoppers, being a favorite among conscious consumers.

5. LC Waikiki, originating from Turkey

Available in 50 countries, presently caters to kids and is available at an ASP of Rs 1200. Established in 1988, the label is a recognized leader in the ready-to-wear industry, with over 1000 stores present globally.

The addition of the five labels to Myntra’s large portfolio of global brands,expands the size and variety of the platform’s offering, driving deeper consumer engagement and higher traffic.

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29 June 2022, Mumbai:

Owner of Pernia’s Pop-Up Shop, Purple Style Labs (PSL) has raised $10 million in Series B-round from actor Madhuri Dixit Nene and a clutch of investors.

Led by Akash Bhansali, Director, Emam Holdings, the Series-B funding round was attended by investors Madhuri Dixit; Navroz Udwadia, Co-founder, Alpha Wave etc.

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Abhishek Agarwal, Founder acquired Pernia’s Pop-Up Shop about four years ago. He said, 75 per cent of the company’s online sales come from international markets. The omni-channel platform currently retails about 800 designer brands including designers such as Tarun Tahiliani, Anita Dongre, Rohit Bal, Ritu Kumar, Gaurav Gupta, Amit Aggarwal, Masaba and Anushree Reddy amongst others.

According to data from research firm McKinsey’s ‘FashionScope’, India’s apparel market will be worth $59.3 billion this year, making it the sixth largest in the world, comparable to the United Kingdom’s ($65 billion) and Germany’s ($63.1 billion).

21 June 2022, Mumbai:

Demand for Flipkart’s fashion arm Myntra’s StyleCast service has doubled over the past six months encouraging the e-tailer to expand available clothing and accessories styles through the service by 400 per cent.

In response to growing demand for StyleCast dedicated store, Myntra has increased the number of fashion and lifestyle goods available on it from 7,000 styles at its launch in December 2021 to 35,000 as of June this year.

It will continue to innovate and add more features to the vertical in future too, says Padma Kumar, Vice President and Head-Apparel, Myntra

Harnessing the growing popularity of interactive online shopping and appetite for brand fashion amongst youngers, Myntra StyleCast has created a dedicated Instagram account that currnet has around 21,300 followers and features interactive content made with fashion influencers.

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28 June 2022, Mumbai:

India’s homegrown internet ecosystem, Flipkart aims to decarbonize operations by 2030 and the larger value chain by 2040.

The company aims to conform with the global Science-based Targets initiative (SBTi) that targets controlling rising global temperature to below 1.5 degrees Celsius per the Paris Climate Agreement.

As a part of this commitment, Flipkart will reduce 100 percent emissions in its own operations by 2030.

ALSO READ  Flipkart: EOSS event to host sellers 

This will be achieved by increasing energy efficiency at its corporate office, and supply chain facilities, and powering its energy requirements through renewable sources such as solar.

The e-commerce major will also work with sellers, consumers, and partners to achieve net-zero emissions by 2040. It will focus on developing a sustainable platform to drive consumer awareness and initiatives to support sustainable products while creating circular business models.

It will also look to create a responsible value chain, through electrification of logistics, incorporating renewable energy, environment-friendly packaging, waste management initiatives, responsible sourcing in business practices, the establishment of green infrastructure, and supplier engagement and seller education.

The company will encourage positive collaborations and industry partnerships to develop innovative solutions for creating a sustainable e-commerce model for climate change mitigation and adaptation.

It has collaborated with initiatives such as the Climate group’s EV100 initiative to deploy 25,000 electric vehicles across the country by 2030, and not-for-profit environmental organisation, Canopy, for responsible sourcing of sustainable packaging and man-made cellulosic fibres to offer sustainable products to millions of customers among other initiatives.

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25 June 2022, Mumbai:

India’s largest online beauty and cosmetics retailer Nykaa hosted its first-ever Investor & Analyst Day to discuss its growth strategy.

The analyst focused on two business verticals of Nykaa; BPC and Nykaa Fashion.

The company said it will continue to focus on growing core businesses as well as diversifying into newer verticals to expand the total addressable market where the market and customer fit.

ALSO READ  Nykaa acquires e-commerce platform Little Black Book

The firm’s focus remains on accelerating customer acquisition (increasing visits), the aim is also to improve conversion rates and repeat customer rates and maximize long-term customer value. Its expects fashion business to be on part with Beauty and Personal Care business.

The company plans to expand into the offline channel during FY 23 for its owned brands as well as some third-party brands. It will focus onnMasstige and Premium brands and aim for a 10 per cent share by CY25. Furthermore, it plans to set 500,000 retail outlets and generate business worth $3-4billion GMV in the first phase.

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17 June 2022, Mumbai:

Myntra and Facebook-backed Meesho —the latest entrant among the biggest e-commerce players — sold over 5 million products on the first day of their sale events.

As per a Business Insider report, Myntra’s End of Reason sale was held from June 11-16, 2022, while Meesho held its one-day sale a week before. Despite consumer sentiment being relatively low, many categories in discretionary spending registered high sales during these events, says N Chandramouli, Founder, TRA Research.

As per a RBI report, consumer confidence index improved slightly to 75.9 in May compared to 71.7 in March. Shrenik Gandhi, Co-Founder and CEO, White Rivers Media says, consumer sentiment isn’t as negatively impacted as people are projecting it to be. Business need to introduce right products and services at the right time and right prices to attract customers, he adds.

An earlier report by ICICI Securities also notes,discretionary companies like retail, QSRs and jewelry will perform well. D2C brands selling beauty, home, kitchen, utilities and durable goods will perform well, adds MadhurSinghal, Managing Partner and CEO, Praxis Global Alliance. He believes, sales will be soft for a few months before they pick up Festive sales may also remain muted compared to last as the trends of revenge buying and pent-up demands have faded away, he adds.

However, Chandramouli opines, this year’s festive season will be much better than the previous two years, with consumer spend increasing.

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