Flipkart Aims To Be 'Exclusive' Fashion Stop Shop, Targets $1.7 Bn Via Fashion Business

Flipkart is looking to set itself as the fashion stop shop of India by bringing in more exclusive products on its platform. Reportedly, the online retailer is aiming to invest heavily in this sector to tap customers from every niche segment in the $100 Bn overall fashion market in India.

The goal is to ensure that one in every five fashion products on the platform is exclusively co-created or is part of its in-house private labels.

    “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,”  said Rishi Vasudev, who heads fashion at Flipkart.

In FY 2017-18, the gross merchandise volume (GMV) of the ecommerce unicorn was $7.5 Bn and net sales of $4.6 Bn, representing more than 50% growth year-over-year in both cases, according to numbers shared by Walmart. This has come on the back of growth in categories like fashion, mobile phones, and large appliances.

Most recently, the company claimed to receive a standalone fashion business worth $1 Bn (INR 6,500 Cr) for the year ending March 2018. This has further pushed the company to chase a target of $1.7 Bn GMV run rate by the end of March 2019.

https://inc42.com/buzz/flipkart-now-aims-to-sell-more-exclusive-fashion-to-india/