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Flipkart To Become Exclusive Fashion House In India
Flipkart is an India based leading e commerce marketplace which offers more than 30 million products across 70+ categories including books, media, consumer electronics and lifestyle. With the fashion business in India growing exponentially, online platforms are also setting their footsteps toward the changing trends. The online e commerce giant Flipkart is all set to change the rules of the game by investing heavily in its fashion business. Mr. Rishi Vasudev, who heads fashion at Flipkart said this year we have a goal that more than 20% of what sells of Flipkart has to be co created between Flipkart and a partner or would come from an exclusive brand. Earlier it was not a focus area, so only some selection within fashion was exclusive to the platform. Flipkart is aiming high now! The firm wants to grow its sales by 60 to 65 % this financial year and touch an enormous $ 1.7 billion in terms of gross merchandise value (GMV) by March 2019. Flipkart’s latest strategy includes rebranding its platform. The famous e commerce platform wants to differentiate itself from others by making it an exclusive fashion house! The previous year, Flipkart launched its three private labels including Divastri, Metranaut and Anmi. Its fashion subsidiary Myntra is also growing at a fast pace with its latest offerings and products. Mr. Vasudev added usually, you would hear of fashion capitals being cities globally and that’s where people go to get the latest fashion, the latest fashion news, meet fashionable people, get influenced, etc. All of that will now be available on Flipkart.The main aim of this company is to make sure that one in every five fashion products on the platform is exclusively co created or is part of its in house private labels. So, basically Flipkart wants to become the solo ruler on the e commerce platform. As of now, Flipkart with its Myntra and Jabong holds more than 70 % of online fashion retail in India.
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