09 December 2022, Mumbai

Sundar Balasubramanian is CMO at Myntra.

With over 18 years of experience, Balasubramanian specialises in driving growth agenda, marketing and brand strategy, P&L delivery, new category development, digital marketing, innovation strategy and team management and leadership, and he has also worked across categories.

Myntra’s operating revenue surged 45 per cent in fiscal year 2022. Marketplace and logistics services were the major source of revenue for Myntra, contributing around 46 per cent and 42 per cent of the operating revenue, which surged 18 per cent and 91 per cent respectively. Income from advertisement services grew 77 per cent. When it comes to expenditure, logistics turned out to be the biggest cost center for the company contributing nearly 40 per cent to the annual expenditure. This cost surged 57 per cent. Advertising and promotional expenses were the other major expenses during the last fiscal year which accounted for around 31 per cent of total cost and soared 69 per cent in fiscal year 2022.Employee benefit and outsourced manpower expenses increased 12 per cent and 37 per cent respectively. The company also incurred payment gateway charges and after sales services (customer support services) which surged by 53 per cent and 32 per cent during the last fiscal year. Myntra’s total expenditure also grew 45 per cent.

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 03 December 2022, Mumbai

Flash has secured seed funding. The e-commerce startup aims at catering to frequent online shoppers and plans to expand across India.

The business will use its new funds to develop its e-commerce product, hire more employees, and expand globally. After launching in India, Flash is set to debut in the US and Europe in the coming year and a half.

The business offers online shoppers tools to manage their purchases from across the internet in one location. Users will be able to use their own digital identity to track and manage current orders and services from one easy-to-use interface. Flash will also make it easier for shoppers to use rewards programs online.Power shoppers who shop online, order food or groceries frequently have a very broken experience. Flash is designed to solve this market pain point by offering a comprehensive solution.

India’s e-commerce market is continuing to grow at a swift pace as more and more people embrace online shopping across the country. The country had the world’s third largest online shopper base of over 190 million users at the end of 2021. By 2030, the Indian e-commerce shopper base is expected to rise to 650 million, creating a significant opportunity for growth.

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23 November 2022, Mumbai:

Chief financial officer Arvind Agarwal has quit Nykaa. He is said to be leaving to pursue other opportunities in the digital economy and the start-up space.

Nykaa’s next big focus is to hit profitability. The Mumbai-based company’s shares have undergone a correction amid a broader rout in technology stocks, both globally and in India.

The omnichannel beauty retailer has gained on the back of the festive and wedding season, so has not seen any drop in demand. Nykaa Superstore is a third-party distribution platform and is a win-win for retailers and Nykaa.

This distribution channel is self-serving, has intelligence on what is more popular in the retailer’s area, and helps new brands launch on Nykaa’s platform. One lakh small retailers and mom-and-pop stores like pharmacies, specialised beauty stores, have signed up.

Nykaa is an on-trend brand and dominates beauty with 30 per cent plus of the online beauty market. But in fashion, it has just a two percent market share and thinks getting to five percent will be a big business.

Nykaa has launched private labels and closed multiple acquisitions post the IPO. Private labels will play a significant role for the company, which has eleven of these.

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Flipkart has introduced a series of programs for the benefit of the seller ecosystem. The e-commerce marketplace encourages sellers who have achieved tremendous growth on the platform by giving away annual awards. Sellers are recognized across categories like mobile, fashion, shopsy, and BGMH.

Some key parameters considered to be reward and recognize the sellers included GMV, units, reliability, quality, and speed. This year, the number of sellers who achieved commendable growth in their entrepreneurial journey and were felicitated by Flipkart was more than twice compared to last year.

With ongoing consistent efforts, and policy changes introduced this year such as the ten-minute onboarding process to improve the ease of doing business online, greater ease of listing, and faster payments, Flipkart registered a twofold increase in the number of onboarded sellers and a fourfold jump from the sign-up stage.

As a homegrown marketplace, Flipkart understands the needs and expectations of indigenous sellers and has always focused on driving positive change and assisting entrepreneurs in their journey. Flipkart, with a strong focus on inclusivity, has catalyzed and accelerated growth and prosperity across its value chain. A people-centric platform, Flipkart has empowered its stakeholders with business-friendly policies and helped in building a robust, tech-enabled MSME ecosystem.

 01 December 2022, Mumbai

Flash has raised funds for product development and expansion.

Flash, an Indian startup, targets frequent online shoppers and is creating a digital identity that power shoppers can use across retail sites. The service seeks to make order processing, communication with sellers and the use of rewards programs easier for frequent shoppers. Users will be able to track and manage their past and current orders with various services in one location.

Flash’s service will debut in India and expand to the US and Europe within 18 months.The startup is targeting India’s 25 million frequent shoppers who account for over two-thirds of online retail revenue, and it predicts the number of those heavy users to rise to 65 million by 2030.

India had the world’s third-largest onlineshopper base of nearly 190 million at the end of 2021 and this number is set to triple to 650 million by 2030. The way India shops for fashion has changed substantially since the outbreak of the Covid pandemic. Online purchase of shirts, jackets, dresses, tops, jeans, sneakers and boots now accounts for a big proportion of sales for some of the largest fashion brands in the country, busting the myth that touch and feel are critical factors in the fashion purchase decision.

01 December 2022, Mumbai

 06 December 2022, Mumbai

Myntra is facing orders for international brands from shoppers in Tier II cities and beyond.

The marketplace onboarded 25 international fashion labels and 50 foreign beauty brands in the past 12 months and now retails more than 400 foreign brands on the platform.

Nearly 40 percent of the demand for international fashion labels is driven by shoppers in Tier II cities and beyond. Overall, Myntra sells more than 5,000 brands. The move also points to more recent aggression displayed by Indian retail houses in bringing global brands to the country to capitalize on the growing demand for branded apparel.

Greater variety helps draw in more shoppers and capture consumers across price points. For instance, Myntra onboarded American retailer Macy’s by listing its private labels in the run-up to the festive season sales earlier this year.

More recently, UK’s Boohoo marked its foray into the Indian market with Myntra and will sell brands such as Boohoo, Dorothy Perkins, and Nasty Gal across categories like dresses, tops, bottoms, and footwear. Myntra has also launched Korean clothing brand 8Seconds, Priyanka Chopra’s haircare brand Anomaly and Turkish clothing brand Trendyol.

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 29 November 2022, Mumbai

Le Mill is on Tata Cliq Luxury. Le Mill is a multi-brand luxury fashion house. Tata Cliq Luxury is an Indian luxury lifestyle platform.

Tata Cliq Luxury which has a strong portfolio of global brands in categories across apparel, accessories, and footwear aims at offering exclusive assortments and an unparalleled shopping experience. Le Mill will offer consumers renowned international brands across apparel, accessories, and footwear.

Le Mill was founded by two French women who settled in Mumbai. With a shared dream for their adopted city to have a space worthy of its energy and global status, they founded Le Mill. It was conceptualized to establish a dialogue between Indian fashion and design with iconic international designers and storied fashion houses.

The idea is to focus on the design potential India has to offer by connecting Europe with India and fashion to art.

Each brand at Le Mill has been carefully handpicked by the founders to suit the needs of the modern Indian woman. With an aim to become a part of customers' lifestyles in every way, Le Mill offers an exciting assortment of products from leading international brands that one won’t have access to anywhere else in the country.

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18 November 2022, Mumbai:

The UrbanClad offers quality designer blazers and suits.

This D2C startup, based in Maharashtra, aims at tapping into the lower-tier price range to reach customers, especially in smaller cities, who want to buy premium quality apparel at affordable prices. The company has its own manufacturing unit and sells directly to end customers. It also houses an inventory of fabrics and ready products.

The UrbanClad joins a small league of D2C firms that are catering to men’s apparel. But while most D2C apparel brands provide white-label products, The UrbanClad only outsources the fabric to manufacture, and the rest of the assembly is done in-house. The UrbanClad also gives personalization features such as on-demand fitting customization and a selection of fabrics for pants.

The UrbanClad currently has eight tailors in-house and will be onboarding 12 more by the end of this year. The company plans to scale this to 150 to 180 by the end of next year.

Men in India don’t have as many options for formal wear: they either go to one of the handfuls of brand stores to get a readymade outfit or end up having to purchase fabric and get it stitched. The UrbanClad is trying to disrupt this largely unorganized market.

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 05 December 2022, Mumbai

Tata Cliq Luxury is expanding its footprint in the bridge-to-luxury fashion segment.

About ten new brands would be added and these would be in the niche and high-fashion categories, with clothing, accessories, handbags, and footwear being the main focus.

The company will also tie up multi-brand boutiques that house many brands in offline retail stores. Recently, the company also launched 13 international brands on the platform. In addition, it is looking at fashion as its strategic focus and has partnered with local company Le Mill, a multi-brand luxury fashion brand based in Mumbai.

The strategy for Tata Cliq Luxury is to target about five million households or one per cent to two per cent of the top consumers in India. The top brands that retail on Tata Cliq’s platform get about 15 per cent to 40 per cent of their entire sales from the website. So the company’s large digital presence contributes heavily to these brands’ sales and it is a very serious business channel for these companies.

The company is seeing its highest growth in the footwear and watch categories. These are new, emerging categories that have been doing well in the past year outside of apparel and handbags.

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26 November 2022, Mumbai:

Beauty and fashion e-commerce firm Nykaa recorded a 75 per cent growth in gross merchandise value and a 12-fold jump in revenue on Day 1 of its Pink Friday sale. The sale is on from November 21 to November 28, 2022.

Some 400 orders were recorded a minute on the first day of the sale. A slew of unmissable brand offers led to Nykaa clocking a growth of 34 per cent in unique visitors from 4.3 million on last year's Day 1 to 5.8 million this year. Among categories that did well compared to regular days, purchases of make-up, skincare and haircare rose dramatically by 14 times, 12 times and nine times respectively.

Some 57 per cent of the purchases were made by shoppers from Tier II and Tier III cities. Besides metros, the highest orders came from Lucknow, Chandigarh, Ghaziabad, Jaipur, Guwahati and Jammu.

Nykaa’s next big focus is to hit profitability. The omnichannel beauty retailer has gained on the back of the festive and wedding season, so has not seen any drop in demand. Nykaa is an on-trend brand and dominates beauty with 30 per cent plus of the online beauty market. Nykaa has launched private labels, closed multiple acquisitions post the IPO.

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18 November 2022, Mumbai:

Anuraag Gambhir is managing director of Shopclues. So far he was senior director.

In his new role, he will lead the company’s next phase of growth with a focus on cross-border trade expansion and will be responsible for the overall running of the marketplace.

He sees a great opportunity in cross-border trade and wants to focus on import and export through global partner websites that control more than $3.5 billion years of gross merchandise value (GMV).

Shopclues has been working as a close-service partner with the Indian government on projects like the government e-marketplace for the past four years. Gambhir’s vision for Shopclues is to make it a self-sustaining organization that is not dependent on constant funding. Gambhir has been working as a senior director at Shopclues since 2019.

Prior to that, he worked with companies like Accenture and Snapdeal. The Gurugram-based Shopclues completed ten years in the Indian market this year and currently sells retail goods across fashion, and home decor covering over 31,500 pin codes across the country.

There are stores in UP and West Bengal. The strategy behind opening offline stores is to address local needs with local products in the local language. The idea is to have an omnichannel presence, especially in Tier II and Tier III locations.

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