Narayanan's strategy of building exclusive brands for Myntra has been a success as well, and more such brands will be added to the portal's offering in the future
People who have worked with Mukesh Bansal describe him as approachable and extremely polite but someone who likes to maintain a strict work schedule.
Zara could rake in Rs 1,571 crore sales in 2019-2020. H&M, which came in five years later, grew its revenue to Rs 1,729 crore.
From omnichannel to AI and 3D technology, the fashion industry is in the middle of a digital revolution.
Black Friday sales in India received a good response as brands dropped their prices making customers queue up outside stores where discounts were steeper. Discounts were offered both online and offline. Most of the international brands in India offered discounts under the Black Friday Sale banner. The Black Friday Sale started in the US on the Friday after Thanksgiving Thursday. The day typically marks the beginning of the Christmas shopping season ahead of the festival.
These top level changes have come soon after Flipkart co-founder and Group CEO Binny Bansal resigned over allegations of serious personal misconduct in November.
Flipkart Group on Monday said it has raised $3.6 billion (about Rs 26,805.6 crore) in funding led by GIC, Canada Pension Plan Investment Board (CPP Investments), SoftBank Vision Fund 2 and Walmart, valuing the e-commerce giant at $37.6 billion. The company, which competes with Amazon, Reliance Industries' JioMart and others in the burgeoning Indian e-commerce market, said it will continue to make deeper investments across people, technology, supply chain and infrastructure to address the requirements of a rapidly growing consumer base in the country. The current funding round has also seen participation from sovereign funds DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad as well as marquee investors Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global.
The deal that promises to make Flipkart a leading force in fashion segment - estimated at Rs 3 lakh crore - came after hectic weekend parleys.
E-commerce companies managed to beat the odds by adopting a flexible approach in terms of transforming their business models and leveraging emerging technologies. They had to constantly align their objectives with evolving customer needs. With companies hiring thousands of temporary workers, expanding to smaller cities, and launching new products, e-commerce giants gird up to celebrate the peak festival season without Covid restrictions after a three-year time-out.
Meesho has emerged as the second-largest player by order share in this year's festive sales till now, surpassing Amazon, while Flipkart Group platforms topped the market in both orders and gross merchandise value (GMV), according to according to a report by consultancy firm Redseer. It said Flipkart Group maintained its leadership position with a 62 per cent market share in terms of GMV during the first week of the festive season, followed by Amazon which had 26 per cent share, while the remaining 12 per cent was distributed among other e-commerce players. In terms of order volume, Flipkart Group again leads the market with about 49 per cent share and SoftBank-backed Meesho ranks second with about 21 per cent order share, according to Redseer.
Jabong has joined hands with 10 boutiques, such as Meo Home Craft (for bags by rural artisans from Tijara, Rajasthan), Rinku Sobti (womenswear), Nidhi Munim, Crazy Palette (clutches & bags) and Uttama Bhatt (ethnic womenswear).
In spite of the mega IPO of Alibaba, Flipkart-Myntra is not thinking of a public offering at this point
Day One of the Myntra Myntra Bangalore Fashion Week saw the presence of stunning celebrities showcasing some eclectic designs.
The gorgeous actress showcases her Autumn/ Winter collection from All About You, in association with Myntra, on Instagram, and the outfits look wow!
Going ahead with its festive sales as per schedule, companies such as Flipkart, Jabong, and Myntra are having week-long Valentines' Day sales, offering discounts of as much as 80 per cent. Amazon India is also offering discounts of almost 40 per cent.
Indian fashion industry's latest 'it' girl Lisa Haydon curated a show for Myntra Fashion Weekend and it was g-r-e-a-t!
Most of Flipkart's business came from consumer electronics.
Men's Health magazine hosted a show at the Myntra Fashion Weekend. And boy was it hot!
Snapshots from designer duo Shivan and Narresh's latest collection at Myntra Fashion Weekend.
Myntra, Flipkart are doing more than 60% of their transactions on phones.
The report, however, did not include sales of Flipkart's subsidiaries Myntra and Jabong.
Walmart-owned Flipkart will undertake a buyback employee stock options worth about Rs 600 crore, according to sources Earlier in the day, Flipkart announced raising $3.6 billion (about Rs 26,805.6 crore) in funding from a clutch of investors that valued the e-commerce major at $37.6 billion (about Rs 2.79 lakh crore). In an e-mail to employees, Flipkart group chief executive officer Kalyan Krishnamurthy lauded the critical role played by the staff in reaching this milestone.
Walmart-owned Flipkart on Wednesday said it has set up a new fulfilment centre (warehouse) in West Bengal, its second-largest in the state, that will help in creating nearly 3,500 direct jobs. Spread across an area of over 2.2 lakh sq ft, the new facility in Dankuni will cater to the needs of Flipkart and Myntra customers in the region and bolster the e-commerce major's efforts to ramps up supply chain infrastructure in the eastern part of the country. The facility will also help thousands of sellers offer a wider selection and enable faster deliveries of customer orders within the region and neighbouring states while also helping create national market access, according to a statement.
Flipkart, Jabong-Myntra and PhonePe will operate under this group structure and their CEOs will report to Binny
Video isn't just about old school television shows, advertisements and tutorials anymore - short, crisp and engaging content across different formats is becoming increasingly popular in a world where stories are consumed on the go.
Vogo, which has a fleet of over 12,000 vehicles mainly across Hyderabad, Mysuru and Bengaluru, is also betting big on India's growing traffic congestion.
Eighteen months after the government started banning Chinese mobile apps, two distinct changes have occurred in the country's mobile app sweepstakes. The move has given a thrust to domestic app publishers, especially in certain segments and it has dramatically reduced the market share of Chinese apps. What started as an interim government ban on 59 Chinese apps, including the highly popular TikTok and WeChat in March 2020 ended as a permanent ban on many of them in January this year. According to a China Internet Report 2021 (by South China Morning Post), the market share of Chinese apps in India has dropped substantially from 44 per cent in 2018 to only 29 per cent in 2020. In 2017 it was 41 per cent.
Immunity boosting foods and drinks. Sustainable fashion. Beauty products with natural ingredients. There was always a market for these, and the pandemic has only made it bigger. Within beauty, brands have recorded a greater demand for ayurveda products.
Mukesh Ambani's Reliance group has struck acquisition deals worth $4.2 billion with a dozen companies in just two years to expand its retail business. The latest purchase was of a majority stake in Justdial for Rs 3,497 crore. Elaborating on his acquisition strategy a few weeks ago during the AGM, Ambani stated that one of the key planks would be to acquire businesses that enhanced Reliance's offerings and experiences to customers and that they would be both physical and digital.
Of the 1,145 offers made this year, consulting firms made up 34 per cent, followed by banking, financial services and insurance, pharma/healthcare, IT/ITeS and FMCG/retail.
His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct. Bansal, however, denies the allegations.
Myntra founder Mukesh Bansal takes over as marketing chief.
French fashion label Elle showcased its Autumn-winter collection at the Myntra Fashion Weekend in Mumbai.
The popular television actor was not exactly who we were expecting at the end of a fashion show but boy did he rock!
Musician, actress and now a designer -- Monica Dogra wears many hats. And in one of those roles, she likes to commodify male sexuality. Snapshots from her show at the Myntra Fashion Weekend held in Mumbai.
Sushmita Sen walked the runway for Rina Dhaka at the Myntra Fashion Weekend... in those heels!
Not just e-commerce players, even spirits majors are banking on artificial intelligence and chatbots to offer newer, quicker, smarter services. Shivani Shinde Nadhe reports.
Walmart is rumoured to be looking to listing Flipkart in a few years. At that stage, we'll get a better sense of what's going on in retail, says Devangshu Datta.
Next month, US e-commerce giant Amazon is set to complete a year in India.
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