Bigbasket hits annualised gross sale runrate of $1 billion
The Bengaluru-based company will become the second sector-focused online retailer after fashion portal Myntra, and horizontal e-tailers like Flipkart and Amazon India that sell all goods, to cross the billion-dollar sales mark. Myntra has a gross merchandise value (GMV) of over $2 billion.
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E-commerce companies go on a hiring spree
BharatPe has this month hired Nishant Jain from Zomato as its chief business officer and Ankur Jain, a former Walmart Labs executive, as its chief product officer.
Online fashion company Koovs sacks about half its staff
In 2018, Biyani’s Future Lifestyle Fashions had announced plans to buy 30% stake in Koovs for Rs 140 crore, making the Indian retail group the largest shareholder in the AIM London-listed fashion retailer.
H&M sales soar on pricing, new stores
The world’s second-largest clothing firm, which follows a December-November financial year, reported sales of Rs 1,491 crore, growing significantly faster than it did a year ago when it expanded 29%. During the year, it opened eight new stores in the country and kept prices lower than those of its rivals.
Top brands shun exclusive e-tail deals
The move by the brands is an effort to reach a wider consumer base, which is not possible by being available on a single e-commerce platform. For instance, German sportswear maker Adidas, which had an exclusive tie-up with Flipkart and Myntra, has started selling on Amazon India.
Myntra expects End of Reason event to net 60% growth in sales
The firm said it expects to serve 18 million shoppers during its flagship year-end sale on its website and app, offering them products from over 3,000 brands.
Myntra enters luxury segment by partnering with Pernia’s Pop Up Shop
About two-thirds of Myntra’s revenue comes from apparel, its single biggest category, followed by footwear, accessories and recent addition in kids and personal care. About 25 Indian designer wear labels such as Ritu Kumar, Masaba Gupta, Namrata Joshipura and Gopi Vaid will sell premium women’s apparel on the platform.
Myntra logs Rs 539.2 cr loss in FY'19
The fashion e-tailer had registered losses to the tune of Rs 151.22 crore in the previous year, documents sourced by business intelligence platform Tofler said. However, the company's revenue from operations more than doubled to Rs 1,041.10 crore in FY'19 from Rs 398.33 crore in the previous fiscal, it added.
Indian fashion has local, global retailers 'mesmerised': Walmart
Experts say fashion & lifestyle market has ballooned 10 times to Rs 5L cr annually from about Rs 50k cr in 2000.
Ahead of etail launch, Reliance Industries pulls out brands from rivals
Reliance wants to create exclusivity for global as well as its own brands to attract consumers to its portal.
Binny Bansal's exit triggers domino effect, Myntra CEO Ananth Narayanan resigns
With this, Kalyan Krishnamurthy becomes the most powerful executive in the Flipkart group.
Myntra eyes mall space, may open large stores
The Walmart-owned company plans to sell women’s fashion, sports and lifestyle products, accessories and cosmetics through these stores.
Myntra to use the power of kiranas
The Bengaluru-based firm will display some of its products in kirana outlets, like FMCG firms do by hiring dedicated shelves at such stores.