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Start-Up 16-08-2023

Nykaa Q1 revenue up despite slowdown

14 August 2023, Mumbai

Strong Revenue Growth Despite Discretionary Spending Slowdown

Revenue: Nykaa's revenue grew 23.8% YoY to 14.22 billion rupees ($172 million) in Q1.
Signature Sale: The company's signature 'Pink Summer Sale' was a major driver of growth, with orders up 17%.
Beauty and Personal Care (BPC) Segment: Nykaa's BPC segment, its primary revenue source, continued to perform well, with a 17% increase in orders.
Gross Merchandise Value (GMV): Overall GMV surged 24% to 26.68 billion rupees.
Fashion Domain: The fashion domain saw a more modest 12% GMV gain, but still accounted for nearly 30% of total GMV.
Pre-tax Profit: Nykaa's pre-tax profit climbed 16.5% YoY to 97.2 million rupees.
Executive Departures: The company faced some challenges in Q1, including executive departures and inflation concerns.

Despite these challenges, Nykaa delivered strong revenue growth in Q1.

The company's signature 'Pink Summer Sale' was a major driver of growth, and the BPC segment continued to perform well. Nykaa's pre-tax profit also climbed 16.5% YoY.

Overall, Nykaa's Q1 earnings were robust, and the company is well-positioned for continued growth in the coming quarters.

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Start-Up 16-08-2023

Nykaa Gems Expands to Showcase Indian Brands

14 August 2023, Mumbai

Nykaa Gems, a multi-brand beauty and fashion retailer, has expanded its offerings to include more affordable up-and-coming Indian brands.

Discovery

The move is aimed at supporting local talent and helping shoppers discover new labels. Nykaa Fashion, management maintains that the expansion of Nykaa Gems is part of the company's commitment to promoting Indian design as there is an incredible bunch of designers and talent all over the country who are building amazing new trends and designs.

The platform wants to give them a platform to showcase their work and reach a wider audience.

Widening horizons

Nykaa Gems now feature a wide range of brands, from The Cai Store and House of Fett to Seeaash and Gulaabo.

The retailer also offers a variety of price points, making it accessible to shoppers of all budgets. With the expansion of Nykaa Gems, Nykaa is positioning itself as a one-stop shop for discovering new Indian brands.

The retailer is also hoping to become a more inclusive destination for shoppers, by offering a wider range of price points and brand diversity.

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Start-Up 14-08-2023

Fashinza Launches State-of-the-Art Design Lab in Gurugram

04 August 2023, Mumbai

Fashinza, a leading B2B apparel global manufacturing startup, has recently launched its state-of-the-art design lab in Gurugram.

Aims to Accelerate Product Development and Research

The new facility is equipped with the latest technology and machinery, and it is aimed at accelerating product development and research for fashion brands.

The design lab has a team of experienced designers who can research the latest trends and innovations in materials and design. They also have access to a wide range of fabric and trim sources, which allows them to quickly and easily develop new products.

The design lab is also equipped with digital tools that support digitally driven and expedited manufacturing processes. This means that brands can get their products to market faster than ever before.

In addition, the design lab is focused on sustainability. They are using technology to reduce fabric waste and improve the efficiency of the manufacturing process.

This new unit represents the company's commitment to innovation and excellence, empowering us to explore novel textile solutions, refine our craftsmanship & set new industry benchmarks for quality and performance."

Conclusion:

The launch of the design lab is a significant milestone for Fashinza.

It demonstrates the company's commitment to innovation and sustainability, and it will help them to accelerate product development and research for fashion brands.

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Start-Up 04-08-2023

Myntra hosts a kid’s wear event

20 July 2023, Mumbai

Myntra is hosting a 3-day carnival Myntra's Kids Fest set for kid’s wear.

Marquue brands

A line-up of over 2.5 Lakh styles from kidswear brands like H&M Kids, Mango Kids, Pantaloons, USPA Kids, UCB Kids, Puma, Crocs, Skechers, and Max is being showcased.

Attractions

To lure first-time customers, an additional discount is being offered under the scheme KIDSNEW. And to promote the festival, attractive schemes are being offered including one for the top spenders.

Bunch of offers

Myntra's Kids Fest is a biannual sale event that offers discounts of up to 70% on a wide range of kids' clothing, footwear, accessories, and toys.

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Start-Up 20-07-2023

Myntra FWD Campus Tribe: Gen Z Creator Economy

10 August 2023, Mumbai

Myntra, the fashion e-commerce giant, has introduced the 'FWD Campus Tribe,' a dedicated student community aimed at fostering the creator economy within Generation Z.

The move aligns with Myntra's innovative app-in-app shopping experience, FWD, tailored to this dynamic generation.

Pivotal

Members of the Campus Tribe will enjoy exclusive perks like a three-month insider trial pack, early access to major events, and personalized styling sessions.

They will play a pivotal role in curating social content for Myntra FWD, amplifying their voice in the Gen Z community.

Goes places

Myntra plans to appoint representatives across prominent colleges in cities like Mumbai, Delhi, Pune, and more, while launching engaging offline events, starting in Mumbai and Delhi.

Myntra emphasized that FWD Campus Tribe celebrates authenticity, autonomy, and community, positioning Myntra as the ultimate fashion hub for Gen Z.

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Start-Up 10-08-2023

Myntra Welcomes 'Iconic' Brand With Global Collection

02 August 2023, Mumbai

Unveiling

Myntra, the leading fashion e-commerce platform, expands its international brand repertoire by introducing the prestigious 'Iconic' brand. Iconic will unveil an array of products, including shirts, tees, polos, shorts, chinos, and denim for men, while women can explore the selection of tops, tees, dresses, skirts, shorts, pants, and denim.

Global collection

As part of this collaboration, Myntra will provide an exclusive online brand store (OBS) for Iconic, ensuring seamless accessibility for customers. Additionally, the brand will feature prominently on Myntra Mall and Myntra Studio, gaining wider exposure.

Synergies

Myntra, expressed pride in its thriving association with the Iconic group, having previously achieved success with Gant, True Religion, and Iconic group, conveyed enthusiasm to cater to Myntra's trendsetting consumers with their premium smart casuals.

Presently, the Iconic group boasts 26 stores across India, showcasing over 15 exclusive international and controlled brands.

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Start-Up 02-08-2023

The Indian Garage Co Introduces 'FreeHand'

18 July 2023, Mumbai

The Indian Garage Co., renowned for TIGC, its best-selling men's wear brand, takes a significant stride towards becoming a 'House of Brands' entity with the introduction of 'FreeHand,' an exclusive fast fashion brand for women.

Expands its portfolio

With a focus on affordability and style, FreeHand aims to revolutionize the fashion landscape, catering to women across India, especially in tier 2 and 3 cities.

Embodying the concept of 'Freedom of Choice,' the brand empowers women to express themselves and make decisions that align with their individuality and aspirations.

Spectacular array

Offering a diverse range of trendy and budget-friendly casual wear, FreeHand includes dresses, tops, skirts, trousers, and accessories. Priced between Rs.299 and Rs.999, the brand strikes a perfect balance between quality and accessibility, catering to women from various backgrounds.

Convenience above all

The Indian Garage Co., expresses confidence in FreeHand's success, stating the brand inherits its commitment to delivering high-quality products at affordable prices.

With a digital-first approach, FreeHand targets GenZ women, offering them a convenient online shopping experience on platforms like Myntra, Ajio, Flipkart, and TIGC.in.

Latest Textile News

Start-Up 18-07-2023

Mensa Brands present on ONDC

Bengaluru's Mensa Brands, supported by Tiger Global, has extended its presence on the government-endorsed digital commerce platform, Open Network for Digital Commerce (ONDC).

To sell three brands on multiple buyer-side apps

This move involves offering three of its brands – Pebble smart wearables, Villain men’s lifestyle, and MyFitness peanut butter – on various buyer-side apps such as Paytm, Pincode by PhonePe, Spicesmartshop, Eunimart, Craftsvilla, and Mystore.

Startups & brands attracted to ONDC

Mensa Brands is the latest addition to ONDC, a Ministry of Commerce and Industry-supported initiative that strives to establish a unified online commerce market in India, curbing the monopoly of major ecommerce players.

Integrating with ONDC enables Mensa Brands to broaden its distribution approach, targeting a larger audience. Further, the company has intentions to introduce more brands to its ONDC lineup in the upcoming months.

Delivering

Other significant ONDC developments encompass the inclusion of Dunzo with 20,000 merchants, and direct-to-consumer startups boAt, SleepyOwl, and WoW in the seller network.

Currently, ONDC boasts managing 30,000 daily orders and recently revamped its incentive system in May to incorporate customer rewards.

Start-Up 07-08-2023

Myntra's Gen-Z Ambassadors: Khushi Kapoor & Vedang Raina

31 July 2023, Mumbai

Myntra, the leading fashion platform, announces the exciting addition of young actors Khushi Kapoor and Vedang Raina as brand ambassadors for their groundbreaking venture, Myntra FWD. Ultimate ‘Fashion Destination’

This innovative fashion experience is designed exclusively for Gen-Z, offering a vast collection of 67,000+ styles from over 500 popular global brands for both men and women.

Khushi and Vedang will take center stage in a captivating campaign film, embodying the essence of effortless trendsetting.

Authentic fashion

The platform has always taken delight in having these dynamic trendsetters represent FWD.

Their bold fashion choices, 'with-it' attitude, and authentic representation of Gen-Z's fashion expectations perfectly align with FWD's vision.

Immersive experience

This immersive platform also features renowned brands like H&M, Trendyol, Bebe, and many more, providing Gen-Z shoppers with daily drops, trend-spotting-to-shopping, and a cutting-edge shopping experience.

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Start-Up 31-07-2023

Myntra Empowers D2C Brands with 'Rising Stars' Program

17 July 2023, Mumbai

Myntra, the fashion and lifestyle platform owned by Flipkart, has introduced the 'Myntra Rising Stars' initiative to bolster direct-to-consumer (D2C) brands in the fashion and lifestyle sector.

Onboarding

Over the next four months, Myntra plans to onboard 200 Indian digital-first brands specializing in fashion, footwear, home, and accessories.

Help scale D2C brands

The program aims to accelerate its growth by providing comprehensive support services. Selected brands will gain visibility through Myntra's Rising Stars store, granting them access to millions of customers nationwide.

Offerings

The launch of the program will not only offer customers millions of unique offerings but also ensure an exceptional end-to-end experience in terms of discovery, shopping, and delivery.

The 'Rising Stars' store debut will feature over 300,000 styles from prominent brands such as Neemans, Suta, Rare Rabbit, Blissclub, Fablestreet, The Souled Store, and Bewakoof.

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Start-Up 17-07-2023

Nykaa loses ‘Key Executives’ in last few months

05 August 2023, Mumbai

The company said on Wednesday that key executives, including the marketing head, have resigned from India's cosmetics-to-fashion retailer Nykaa since April.

Heat is on

The departures come as competition intensifies in the fast-growing beauty and personal care market in India. The executives who have resigned are Chief Marketing Officer, Senior Vice President for Retail, Senior Vice President for Fashion & Vice President for Marketing and Communications.

Interim

Nykaa founder and CEO Falguni Nayar is likely to take over as the interim Chief Marketing Officer. The company is visibly "augmenting leadership roles" to "strategically realign, rationalize costs, and address the growing complexity of the business."

Biggies

Nykaa faces increasing competition from rivals like Tata Group and Reliance, both of which have interests in the beauty and personal care market. The company's shares have fallen nearly 60% from their listing price in November 2021.

Setback

The resignations of these key executives are a sign of the challenges Nykaa is facing as it competes in a crowded and fast-growing market.

The company will need to find ways to differentiate itself from its rivals and keep its customers engaged if it wants to maintain its market share.

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Start-Up 07-08-2023

Myntra's Premium Ethnic Wear Thrives

29 July 2023, Mumbai

Myntra, the leading fashion brand, has observed a significant surge in its premium ethnic wear category, with growth doubling in the past year, primarily driven by shoppers in metros and Tier-1 cities across India.

Customers spoilt for choice

Offering an extensive range of more than 3.85 lakh styles from over 1000 brands, the premium ethnic wear segment starts at Rs 2,500.

Witnesses doubling of ‘Premium Segment’

Notably, women's ethnic wear is emerging as one of the most popular categories among consumers and is projected to touch a staggering $24 billion by 2025, as per industry reports.

Myntra's strategic expansion by onboarding 50+ premium ethnic wear brands, including Manyavar and Tasva by Tarun Tahiliani, further underscores the segment's limitless potential.

Rising popularity

The recent End of Reason Sale (EORS) showcased the immense popularity of women's ethnic wear.

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Start-Up 29-07-2023

Amazon Prime Day 2023-Tier 2 & 3 Consumers Drive Sales

Amazon India's Director of Prime and Delivery Experience, Akshay Sahi, revealed that the e-commerce giant is experiencing substantial growth as tier 2 and 3 consumers explore new product categories and engage with the Prime ecosystem.

Bharat arriving

During the previous year's Prime Day sale, Amazon witnessed a remarkable 65% growth from non-metro cities. While tier 1 cities continue to generate significant revenue, Sahi emphasized the expanding influence of smaller cities.

Inclusivity

With Prime Day 2023 just around the corner, Sahi announced that the event will feature 45,000 new launches and 2,000 products from small and medium enterprises. He underscored Amazon's commitment to inclusivity, ensuring a diverse range of selection, deals, and offers for customers across India.

Focus on ‘Small Businesses’

Sahi also emphasized Amazon's support for small businesses, offering various fulfillment programs tailored to their needs, including warehouse services and shipping solutions. While Sahi mentioned the enhancements in fulfillment capabilities and operational processes, he did not disclose specific details about warehouse expansion.

Start-Up 13-07-2023