28 June 2022, Mumbai:

India’s homegrown internet ecosystem, Flipkart aims to decarbonize operations by 2030 and the larger value chain by 2040.

The company aims to conform with the global Science-based Targets initiative (SBTi) that targets controlling rising global temperature to below 1.5 degrees Celsius per the Paris Climate Agreement.

As a part of this commitment, Flipkart will reduce 100 percent emissions in its own operations by 2030.

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This will be achieved by increasing energy efficiency at its corporate office, and supply chain facilities, and powering its energy requirements through renewable sources such as solar.

The e-commerce major will also work with sellers, consumers, and partners to achieve net-zero emissions by 2040. It will focus on developing a sustainable platform to drive consumer awareness and initiatives to support sustainable products while creating circular business models.

It will also look to create a responsible value chain, through electrification of logistics, incorporating renewable energy, environment-friendly packaging, waste management initiatives, responsible sourcing in business practices, the establishment of green infrastructure, and supplier engagement and seller education.

The company will encourage positive collaborations and industry partnerships to develop innovative solutions for creating a sustainable e-commerce model for climate change mitigation and adaptation.

It has collaborated with initiatives such as the Climate group’s EV100 initiative to deploy 25,000 electric vehicles across the country by 2030, and not-for-profit environmental organisation, Canopy, for responsible sourcing of sustainable packaging and man-made cellulosic fibres to offer sustainable products to millions of customers among other initiatives.

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25 June 2022, Mumbai:

India’s largest online beauty and cosmetics retailer Nykaa hosted its first-ever Investor & Analyst Day to discuss its growth strategy.

The analyst focused on two business verticals of Nykaa; BPC and Nykaa Fashion.

The company said it will continue to focus on growing core businesses as well as diversifying into newer verticals to expand the total addressable market where the market and customer fit.

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The firm’s focus remains on accelerating customer acquisition (increasing visits), the aim is also to improve conversion rates and repeat customer rates and maximize long-term customer value. Its expects fashion business to be on part with Beauty and Personal Care business.

The company plans to expand into the offline channel during FY 23 for its owned brands as well as some third-party brands. It will focus onnMasstige and Premium brands and aim for a 10 per cent share by CY25. Furthermore, it plans to set 500,000 retail outlets and generate business worth $3-4billion GMV in the first phase.

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17 June 2022, Mumbai:

Myntra and Facebook-backed Meesho —the latest entrant among the biggest e-commerce players — sold over 5 million products on the first day of their sale events.

As per a Business Insider report, Myntra’s End of Reason sale was held from June 11-16, 2022, while Meesho held its one-day sale a week before. Despite consumer sentiment being relatively low, many categories in discretionary spending registered high sales during these events, says N Chandramouli, Founder, TRA Research.

As per a RBI report, consumer confidence index improved slightly to 75.9 in May compared to 71.7 in March. Shrenik Gandhi, Co-Founder and CEO, White Rivers Media says, consumer sentiment isn’t as negatively impacted as people are projecting it to be. Business need to introduce right products and services at the right time and right prices to attract customers, he adds.

An earlier report by ICICI Securities also notes,discretionary companies like retail, QSRs and jewelry will perform well. D2C brands selling beauty, home, kitchen, utilities and durable goods will perform well, adds MadhurSinghal, Managing Partner and CEO, Praxis Global Alliance. He believes, sales will be soft for a few months before they pick up Festive sales may also remain muted compared to last as the trends of revenge buying and pent-up demands have faded away, he adds.

However, Chandramouli opines, this year’s festive season will be much better than the previous two years, with consumer spend increasing.

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30 June 2022, Mumbai:

Flipkart’s End Of Season Sale (EORS) 2022 launched the 24X7 live commerce initiative to connect brands, sellers and influencers with customers engaging in real-time.

Over 10,000 brands and 200,000 sellers came together during the sale to offer over 10 lakh styles of fashionable apparel and accessories for men, women and children.

Held from June 10-17, the weeklong shopping event sold men’s T-shirts, jeans, formal and wedding wear, women's western wear, saris, shoes, luggage, handbags, shoes and watches. Customers also bought travel accessories, raincoats, backpacks, handbags, suitcases and duffle bag.

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Black was the most-shopped for color with over 16 lakh+ units sold. Western wear contributed to almost half of the demand pie which saw brands such as Puma, Adidas, U.S. Polo Assn., Roadster and Highlander being most preferred by customers.

Fitness and health products emerged as priority buys for consumers with over 70 per ent of purchases accounting for sports goods including — running, gym, badminton and cricket shoes. The top searched keyword this season was shoes.

Flipkart recorded highest customer visits from cities such as Bengaluru, Kolkata, New Delhi, Mumbai, Pune, Guwahati and Muzaffarpur, It also witnessed a strong response from the states of Karnataka, Uttar Pradesh and Maharashtra followed by Bihar and West Bengal.

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22 June 2022, Mumbai:

Online beauty and fashion marketplace Nykaa is acquiring the Chriatae-backed fashion e-commerce and discovery platform Little Black Book.

As per a Tech in Asia report, the deal will strengthen Nykaa’s content creation in India and complement its lifestyle and home-décor categories.

It is the latest in the series of investments by the e-commerce platform to boost its product range.

ALSO READ Nykaa x The Ordinary Partners: Arrive in India

The firm recently acquired and made various investments in skincare brand Earth Rhythm, wellness brand Nudge Wellness and women’s sportswear brand Kica.

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Nykaa also plans to acquire Times Internet-owned men’s lifestyle brand MensXP.

The e-commerce platform has been raising funds for these acquisitions since 2019.

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29 June 2022, Mumbai:

Owner of Pernia’s Pop-Up Shop, Purple Style Labs (PSL) has raised $10 million in Series B-round from actor Madhuri Dixit Nene and a clutch of investors.

Led by Akash Bhansali, Director, Emam Holdings, the Series-B funding round was attended by investors Madhuri Dixit; Navroz Udwadia, Co-founder, Alpha Wave etc.

ALSO READ  House Of Brands Company: Raises funds

Abhishek Agarwal, Founder acquired Pernia’s Pop-Up Shop about four years ago. He said, 75 per cent of the company’s online sales come from international markets. The omni-channel platform currently retails about 800 designer brands including designers such as Tarun Tahiliani, Anita Dongre, Rohit Bal, Ritu Kumar, Gaurav Gupta, Amit Aggarwal, Masaba and Anushree Reddy amongst others.

According to data from research firm McKinsey’s ‘FashionScope’, India’s apparel market will be worth $59.3 billion this year, making it the sixth largest in the world, comparable to the United Kingdom’s ($65 billion) and Germany’s ($63.1 billion).

21 June 2022, Mumbai:

Demand for Flipkart’s fashion arm Myntra’s StyleCast service has doubled over the past six months encouraging the e-tailer to expand available clothing and accessories styles through the service by 400 per cent.

In response to growing demand for StyleCast dedicated store, Myntra has increased the number of fashion and lifestyle goods available on it from 7,000 styles at its launch in December 2021 to 35,000 as of June this year.

It will continue to innovate and add more features to the vertical in future too, says Padma Kumar, Vice President and Head-Apparel, Myntra

Harnessing the growing popularity of interactive online shopping and appetite for brand fashion amongst youngers, Myntra StyleCast has created a dedicated Instagram account that currnet has around 21,300 followers and features interactive content made with fashion influencers.

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13 June 2022, Mumbai:

The 16th edition of Myntra’s End of Reason Sale (EORS) witnessed 70 per cent growth in traffic over business as usual (BAU) on Day One.

Customers shopped for a record-breaking 50 lakh products in the first 24 hours of Myntra's EORS sale that is being held from June 11-16.On the first day, 2.6 million items were shipped within the first 24 hours of the event.

According to NanditaSinha, CEO, Myntra, women formed 60 per cent of the shopper base and some of the Tier-III towns emerged as high traction customer hubs on day 1 of this edition. Women's western wear category saw demand for 14 lakhs tops and t-shirts and 7.6 lakhs kurtas.

Nearly two-thirds of the demand in 'Beauty and Personal Care' was led by makeup, skincare and fragrances, with over 100,000 lipsticks shopped by customers.

Jewellery witnessed over 2 times jump over BAU with workwearjewellery driving the demand.

In the menswear category, jeans saw he highest spike of 10 times over BAU with similar high demand for t-shirts and shirts at 8 times over BAU.

With the resurgence of focus on fitness, customers made the most of the sharp value offers by renowned brands such as Puma, Nike, Adidas, Skechers and HRX, among others.

Sportswear trended on Day One with 1.7 times spike over BAU. Sports apparel for plus sizes and yoga also saw heightened traction on the first day, the company informed.

Kidswear, one of the fast-emerging categories on Myntra, witnessed a whopping 3 times jump over BAU, with summer essentials such as t-shirts and shorts, and footwear driving the demand.

Among the top non-metro cities that shopped during this period were Jaipur, Lucknow, Patna, Indore, Surat, Vizag and Ludhiana.

Top Tier-III cities included Dehradun and Aizawl, while the emerging tier-3 cities included Dimapur (Nagaland), Tiruvallur (Tamil Nadu), Roopnagar (Punjab) and Jabalpur (MP).