01 June 2022, Mumbai:

Flipkart has promoted several of its leaders into newer roles as the Walmart-owned e-commerce giant aims to get listed on the US stock exchange in 2023, as per *a report by Business Standard.

The firm has internally raised its IPO (initial public offering) valuation target to about $60 billion. According to the report, Guddeti Bharath Reddy who joined Flipkart in July 2015 as the head of eKart IT has been promoted as the new Senior Vice President.

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Similarly, Bharath Ram, Head, OneTech has also been promoted to the role of Senior Vice President. Over the years, Ram has led product, design, engineering and data science for user growth and retention as well as social commerce platform Shopsy and Flipkart Grocery.

Meanwhile, Prajakta Kanaglekarm, Head, HR, Supply Chain has been promoted to the rank of Vice President.

Sridhar Govardhan who joined in 2019 as Senior Director for the CISO org has been promoted to Vice President.

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He has been responsible for improving the NIST Cybersecurity Framework (CSF) maturity score for Flipkart and has worked across several internal functions to execute the fairly elaborate and complex security 2.0 programme successfully, noted BS. Also, Shalabh Shrivastava who has varied charters such as customer experience (strategy and design) 3PL and non-large city logistics and the large and furniture supply chain organisation has been promoted as a Vice President.

Last year, Flipkart Group raised $3.6 billion, including from SoftBank, which had exited the firm, valuing the company at $37.6 billion, which was more than a 50 percent rise in a year.

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CREDITS: * Business Standard report.

31 May 2022, Mumbai:

Despite Q4FY’22 earnings not being as expected, Nykaa remained upbeat about growth of consumer demand in India. The e-commerce company reported 71 per cent GMV growth and 55 per cent revenue growth during the year until March.

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Consolidated net profit of its parent company declined 57 per cent to Rs 7.57 crore during the fourth quarter ended March 2022, mainly on account of new investments.

Makeup, skincare, and haircare categories of grew 40 per cent, 50 per cent, and 60 per cent respectively.

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Since the company is looking to expand more into physical stores and new businesses, EBITDA margins are expected to remain constant at last year’s range.

While Nykaa’s Q4 earnings were operationally weak despite strong revenue growth, higher marketing expenses and investments in new businesses are hurting the company’s performance, says Anchit Nayar, CEO-Beauty E-commerce. The company will continue to expand its physical presence.

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27 May 2022, Mumbai:

The fourth quarter net profit of multi-brand, omni-channel beauty and fashion retailer Nykaa decreased by 49 per cent Y-o-Y as demand rose only slightly and expenses increased.

For the fourth quarter which ended on March 31, Nykaa’s net profit stood at Rs 8.56 crore. This e-commerce company has reported a profit of Rs 16.88 crore for the same quarter a year before.

Despite the drop in profit, Nykaa’s revenue from operations increased from Rs 741 crore in the fourth quarter of the 2021 financial year to Rs 973 crore in the fourth quarter of the 2022 fiscal. During the quarter, Nykaa launched new labels, including private label ethnic wear brand Likha on Nykaa Fashion.

The business also opened its 100th store in Bengaluru as well as a number of other brick-and-mortar outlets.

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Nykaa’s parent company FSN E-Commerce Ventures has seen declining profits in the three financial quarters following its initial public offering. The business has citied high marketing costs as a major reason for this, especially as its marketing costs were lower than usual in the 2020 calendar year due to the pandemic.

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26 May 2022, Mumbai:

Beauty giant Nykaa’s fashion arm Nykaa Fashion will launch its ‘Biggest Sale Event of the Year’ in partnership with Bollywood celebrity Alaya F from May 26 to June 1.

*As per a Fashion Network report, the event will focus on brands to promote a large number of both Indian and international labels before the height of the summer season Nykaa has enlisted Alaya F to promote the sale event and she has filmed promotional videos for this effect.

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While the sale will offer discounts of up to 80 percent off, numerous brands will have a flat rate discount across all products and these will range from 40 percent to 60 percent. Brands participating in the sale will include Eridani, Lavie, Kazo, US Polo Assn, Na-Kd, Forever 21, Vero Moda, Biba, Puma, etc.

In order to boost customer engagement on its dedicated shopping app, Nykaa Fashion will also launch a range of games to enable shoppers to collect ‘offer coupons’ on the app.

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These can be exchanged for further discounts within the shopping app.

Nykaa Fashion is also adding international brands to its ‘Global Store’ with the aim of offering products from across the globe. It recently added women’s western wear brands Oxxo and Lipsy among others.

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CREDITS: *A Fashion Network report

26 May 2022, Mumbai:

India’s first subscription-based children’s clothing rental service, Little Clocks helps people live a more sustainable life by spinning their child’s closets.

The brand’s founder says Little Clocks provides parents with the option to get their child’s clothes in desired sizes whenever required.

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It allows them to dispose of garments easily without feeling guilty about throwing them away every few months.

The service was born out of the need for creating India’s first children’s clothing rental service for people looking for an eco-friendly choice when beginning a family.

The brand offers pre-owned clothes in excellent condition, with virtually no flaws, and in pristine condition in comparison to their original stage of manufacture.

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Little Clocks aims to assist parents to keep track of the costs and time spent on baby clothing.

The service is a strong advocator of circularity and aims to offer a solution to extend each garment’s life cycle without causing any harm to the environment.

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