02 March 2022, Mumbai:

Myntra’s new Style Squad will help strengthen its influencer marketing and social commerce footing, says Achint Setia, Head- Marketing and Social Commerce.

The Style Squad comprises content creators on the Myntra app. The style squad will be the ambassador of Myntra’s social commerce play, conversations on social media and will represent the platform in its entirety, adds Setia.

It is a mix of creators from different geographics, age groups and other demographics with varied expertise.

ALSO READ Myntra: Focus area on Live Commerce, Beauty

The Style Squad will follow the combined model f on-demand content and Live commerce content. In the on-demand case, the influencers will ideate a set of formats and topics around which they want to build content.

There will be a monthly calendar on which Myntra will align these topics. While there will be many other influences on the platform, the share of voice that the Style Squad generates will increase.

Secondly, training and investment will help the style squad, improve the quality of content and the knowledge they impart on fashion and beauty. It will also provide more opportunities to consumers to talk one-on-one with members.

RELATED ARTICLE: Myntra launches Style Squad to curate collections and content for consumers

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25 February 2022, Mumbai:

Multi-brand beauty retailer Nykaa has opened the doors to its newest brick-and-mortar 'On Trend' store for popular cosmetics and fragrance brands in Nashik.

Nykaa announces it on Facebook with aplomb.

The new store by the way is spatially spread over three store areas & in Nashik’s Archit Arcade Apartment and makes a statement of the sort.

ALSO READ: Nykaa has opened a new store at Phoenix Market City in Pune

The new store has a multi-brand beauty assortment chosen based on its popularity on Nykaa's e-commerce platform.

*The store features a selection of Indian and international brands including Kay Beauty, Pixi, Murad, Huda Beauty, Elf Cosmetics, Milani, Minimalist, Tony Moly, Laneige, The Man Company, Mario Badescu, Beardo, and L’Oreal among others.

The store also has areas for trying out products and central islands throughout.

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*Figures mentioned in the above article have been sourced from Fashion Network article.

01 March 2022, Mumbai:

Flipkart Group’s fashion-focused marketplace Myntra has collaborated with the Southeast Asian online fashion platform. Zalora to bring the latter’s private labels to India.

Zalora operates a multi-brand e-commerce platform and has a presence in markets such as Singapore, Malaysia, Hong Kong, Taiwan, the Philippines, and Indonesia.

In India, Myntra will offer a dedicated brand store for Zalora on Myntra-Mall. Zalora will list approximately 5,000 options on Myntra from its portfolio of in-house brands such as Origin, Zalora Basics, Active, among others.

ALSO READ Myntra: Focus area on Live Commerce, Beauty

This will include basics, formal dresses, and tops for women apart from shirts and T-shirts for men. With this association, Myntra strengthens its commitment to bringing the best of global fashion for consumers in India.

The announcement marks the arrival of the first brand from the SEA region to be brought to consumers in India.

The partnership will help Zalora establish its footprint in the Indian fashion market, and build brand salience with the millions of fashion enthusiasts in the country.

RELATED ARTICLE Myntra: 2nd Edition of Kurta & Saree Festival

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25 February 2022, Mumbai:

About Clovia

A reputed lingerie brand that passionately manufactures and sells fashion lingerie, innerwear, nightwear, and shapewear. The company offers solution-based premium innerwear products across categories.

It is backed by Ivy Cap Ventures, Zurich-based Mountain Partners, and Singapore-based AT Capital.

ALSO READ: Surbhi Chandana to promote Clovia’s new collection

It has stores in 50 odd different locations and is in the process of consolidating its formidable presence Pan-India.

This initiative of taking its fashion cult to Tier 2 and Tier 3 cities like Moradabad, Faridabad, Sri Ganganagar, Haridwar, Dehradun to name a few.

The brand visibly is envisaging to add incrementally 50 more stores across the country in the coming 6 months or so.

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01 March 2022, Mumbai:

Background

The biggest pandemic tailwind has been increased sensatisation and social discourse in the manner of conversations around sustainability, mindful consumption & minimalism.

This most certainly kicked in consumer behavioral consumption change inducing to people trying rental as a service for the as first time in the realms of fashion and resultant CAC (Customer Acquisition Cost) decreased as experienced by most of the startup’s across categories.

Apart from that, the financial restraint faced by the public during the pandemic also played an important role in growing its business.

ALSO READ: START-UP India Innovation Week 2022: 10-16, January Virtual Form

About Company

Aanchal Saini is the CEO of Flyrobe. It is arguably India's first & largest fashion rental company.

Flyrobe is a company that breathes fashion, eats technology, drinks logistics, and makes a living by matching people with their next fashion dates.

We are a virtual extension of peoples'​ wardrobes with access on the fly.

We're embracing a new belief where experiencing the desired product is more valuable than owning it.

RELATED ARTICLE Nasscom: Indian Startup ecosystem is now Atmanirbhar

BGMEA Vice President Miran Ali and Directors Asif Ashraf, Tanvir Ahmed and Abdullah Hil Rakib were also present on the occasion.

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24 February 2022, Mumbai:

Meesho, a Bengaluru-based e-commerce platform, claims to have assisted four lakh vendors in India in digitizing their companies. Around 70% of these dealers are from tier 2 cities, with the national capital New Delhi having the most sellers, followed by Gujarat, Rajasthan, Uttar Pradesh, and Maharashtra.

Meesho intends to continue its digitization efforts, with a long-term objective of digitally enabling 100 million small companies in the coming years.

"Meesho, via its unique techniques, has been able to generate possibilities for seller communities throughout India," said Lakshminarayan Swaminathan, chief experience officer of supply expansion at Meesho, in a statement. As a result, we've seen a big increase in the number of vendors who have signed up for our platform."

ALSO READ: Meesho goes Seamless Boundary-less: Decentralise WorkPlace

"We are convinced that this path will lead us to our eventual goal of enabling 100 million small enterprises in India to prosper online," Swaminathan added.

Meesho helps MSMEs (micro, small, and medium businesses) get their operations online, and in July 2021, it unveiled an industry-first zero percent fee plan to help them expand. Over the course of two years, it says that merchants on its platform have seen an average rise of 76 percent.

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*Figures mentioned in the above article have been sourced from Fashion Network article.

03 March 2022, Mumbai:

This is an excellent opportunity for start-ups to gain both attention and cash backing! For the National Startup Awards 2022, the government is accepting proposals in 17 industries and 7 special categories.

The awards will be granted in 17 categories divided into 50 sub-categories, including education and skill development, enterprise technology, the environment, Industry 4.0, and many others. There are also seven special prize categories for start-ups: women-led start-ups, rural impact, university start-ups, manufacturing excellence, and start-ups from the North-East.

In addition to great incubators and accelerators, the National Startup Awards 2022 will recognize exceptional incubators and accelerators as vital components of a vibrant start-up ecosystem.

Each winning start-up will get a cash reward of Rs. 5 lakh.

ALSO READ: START-UP India Innovation Week 2022: 10-16, January Virtual Form

The winners and runners-up will also have the opportunity to propose their ideas to appropriate government agencies and corporations for possible pilot projects and work orders, as well as pitching chances with investors.

They will also be given first preference for participation in national and international start-up competitions.

One winning incubator and one winning accelerator will each get a cash reward of Rs. 15 lakh. The third edition of the National Startup Awards has been established by the Department of Promotion of Industry and Internal Trade (DPIIT).

The National Startup Awards 2022 will recognize start-ups and enablers that have been essential in revolutionizing India's growth story and who have the power and capacity to further ignite the spirit of Aatmanirbhar Bharat, in keeping with the Azadi Ka Amrit Mahotsav.

The first edition of these prizes, announced in 2020, received submissions from over 1,600 start-ups and ecosystem enablers throughout India, while the most recent edition (2021) had over 2,200 start-ups and ecosystem enablers participate.

RELATED ARTICLE Shark Tank India: The Quirky Naari, fashion startup appeared in Episode 20

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*CREDITS: Apparel Resources.

25 February 2022, Mumbai:

*FSN E-Commerce Ventures Ltd, which runs Nykaa, had posted about a 57 percent decline in consolidated profit after tax to Rs 29 crore in the third quarter.

*India is expected to overtake Japan as Asia's second-largest economy by 2030 when its gross domestic product (GDP) is also projected to surpass that of Germany and the United Kingdom to rank as the world's third, according to IHS Markit.

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ALSO READ: Alaya Furniturewalla has been named as a brand ambassador for Nykaa Fashion

*Nykaa executive chairperson, MD, and CEO Falguni Nayar during a panel discussion at Investcorp Global Conversations said that even fashion business in India is taking shape of organised market from the present level of 80-85 per cent being unorganised.

India is likely to overtake some of the European markets and become the fifth largest in the world very soon, a top official of beauty and wellness online e-commerce firm Nykaa said on Wednesday. 

"In beauty India will be the 5th largest market in the world very soon because of the growth rate that it is experiencing versus European growth rates.

Those markets are ahead of India but very soon India will overtake that. "If you look at fashion with the size and scale that the fashion market has in India, it is the third-largest market in the world and a lot of it is unorganised but it has shifted.

At the beginning 80-85 percent of the market is unorganised but it is getting very rapidly organised," Nayar said.

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*Figures mentioned in the above article have been sourced from Timesnownews Business Standard Fibre2Fashion article.

22 February 2022, Mumbai:

The current D2C market in India is being driven by Gen Next enterpreneurs who are inspiring traditional conglomerates with their New Age approach.

Tata and Reliance have already announced plans to launch super apps while the Aditya Birla Group has decided to increase focus on the D2C and e-commerce space.

Aditya Birla Fashion and Retail (ABFRL) recently announced plans to set up a new subsidiary for building a portfolio of New Age, digital brands (D2C) across fashion, beauty and allied lifestyle segments.

To be known as the House of Brands, the initiative will help it align itself with evolving markets, says an Inc4 report. ABFRL will join startups such as Globalbees to build a new brand portfolio, says Ashish Dikshit, Managing Director, ABFRL. 

New Age consumers in focus

Many of these brands may not be able to expand their operations in digital space. Yet, they can leverage ABFRL’s tradition, experience and network by acquiring a plethora of brands like the company.

They also plan to help ABFRL grow its brand portfolio by investing in other selective brands, adds Dikhshit. 

 ALSO READ: Aditya Birla Fashion and Retail (ABFRL): To consolidate D2C play eyes at multiple digitally native brands

The House of Brands business of  Aditya Birla Fashion subsidiary will initially include 8 to 10 brands acquired through own capital. These small companies will have the required potential to become large brands over the next 5-10 years.

E-commerce majors take to D2C

With an expected market size of $100 million by 2026, D2C brands are expected to be the biggest drivers of retail market. In 2021, these brands clinched around 174 deals to raise $1.81 billion capital. This not only resulted in the creation of thousands of new brands but also gave enablers and digital sellers new growth opportunities by launching new disruptive models such as ecommerce roll-ups, houses of brands, etc. 

The first D2C Fulfilled by Amazon (FBA) brand was acquired by US-based Thrasio. The concept was later popularized by other models set up by Nykaa, GlobalBees, Mensa Brands, etc.

In 2022, Mensa Brands acquired Florona and TrustBasket.

Last January, Amazon India also introduced the Amazon Global Selling Propel (AGSP) Accelerator with around 10 startups. 

Best products at affordable rates

Through its D2C foray, Aditya Birla Fashion aims to become not just a marketplace or a platform for brands but also facilitate brand-building and provide consumers with the best products at affordable prices. 

The brands recently acquired by ABRFL for its D2C foray have already raised investments worth millions from VCs.

The company plans to use these funds for expansion over the next 12-18 months. It will raise external funds once it manages to scale up its D2C operations. 

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