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E-commerce giant Flipkart launches new fashion portal 'SPOYL' for GenZ

IndianStartupNews

IndianStartupNews · 1y ago

E-commerce giant Flipkart launches new fashion portal 'SPOYL' for GenZ

Walmart-owned Flipkart has introduced a new fashion platform called 'SPOYL' targeting Gen Z shoppers in India. The portal offers over 40,000 products, including western wear, accessories, and footwear. As one in three online shoppers is Gen Z, Flipkart aims to cater to their expressive and unique fashion preferences influenced by global trends, pop culture, and more. The move seeks to capitalize on Flipkart's 25% Gen Z fashion customer base and establish a strong presence in the Indian online fashion market.

Related News

Flipkart to lay off 5% or 1,000 employees as part of annual performance review

Livemint

Livemint · 1y ago

Flipkart to lay off 5% or 1,000 employees as part of annual performance review

Walmart-owned Flipkart plans to lay off around 5% of its workforce, or approximately 1,000 employees, as part of its annual performance review, according to a report. The company, based in Bengaluru, employs around 22,000 people, including those from Myntra, a fashion portal. This is a regular process for the e-commerce giant, which undertakes performance-based job cuts each year. Flipkart's CEO, Kalyan Krishnamurthy, informed employees that the company's financial health is improving and that its mobile app business is starting to generate profits.

Myntra gets $54M from Flipkart; celebrates 17th birthday

IndianStartupNews

IndianStartupNews · 1y ago

Myntra gets $54M from Flipkart; celebrates 17th birthday

Indian fashion e-commerce giant Myntra has received a $54 million investment from parent company Flipkart. This funding comes as Myntra faces fierce competition from competitors like Ajio and Tata Cliq. Despite the challenges, Myntra has reported a 25% increase in operating revenue for the year ended March 31, 2023. The company has also been expanding its portfolio of international brands and holds a 55% market share in the fashion e-commerce segment. However, transaction volumes on Myntra's app have slowed down, indicating a challenging market.

Flipkart challenges quick commerce space with new delivery venture, says report

Livemint

Livemint · 1y ago

Flipkart challenges quick commerce space with new delivery venture, says report

Indian e-commerce giant, Flipkart, is planning to enter the quick-commerce sector by establishing a network of dark stores in cities like Bengaluru, Delhi, and Hyderabad. The company aims to offer 10-15 minute deliveries in a dozen cities within the next six to eight weeks. Flipkart will focus on fast-moving consumer goods, groceries, daily essentials, electronics, and fashion, setting itself apart from existing players like Blinkit, Swiggy Instamart, and Zepto. The quick-commerce market is growing in India, with a total addressable market value of $45 billion. Consolidation in the market is expected, and quick-commerce is anticipated to surpass traditional e-commerce.

Farfetch to be acquired by Coupang for $500 million

Economic Times

Economic Times · 1y ago

Farfetch to be acquired by Coupang for $500 million

Farfetch, a luxury fashion e-commerce company, is set to be acquired by South Korean e-commerce giant, Coupang, for a reported $500 million. The deal comes as Coupang, often referred to as the "Amazon of South Korea," aims to expand its presence in the luxury fashion market. The acquisition is expected to further strengthen Coupang's position as a leading player in the e-commerce industry.

Flipkart Fashion head set to join Angel One as CBO

Economic Times

Economic Times · 11m ago

Flipkart Fashion head set to join Angel One as CBO

Mumbai-based stock broking company Angel One is reportedly hiring Arief Mohamad as its new chief business officer. Mohamad, previously heading the fashion vertical at Flipkart, has resigned from the e-commerce giant. Angel One has been competing with new-age tech brokers like Zerodha and Groww and has around 7 million active traders. The company has been diversifying into credit, wealth management, and stock broking, and reported total income of Rs 1,410 crore and net profit of Rs 292 crore in the June quarter of FY24.

Myntra CEO Nandita Sinha: 40% of International Brand Orders Come from Tier II and III Cities

Startup News FYI

Startup News FYI · 1y ago

Nandita Sinha, the CEO of Myntra, a prominent e-commerce platform under the Flipkart umbrella, has revealed that a significant portion of their international brand orders, approximately 40%, originate from Tier II cities and beyond in India. This article delves into Sinha’s insights, Myntra’s strategies, and its ambitions for attracting GenZ users and expanding its customer base. Click on the "View Source" button below to read more.

Flipkart close to profitability: CEO Kalyan Krishnamurthy tells staff

Economic Times

Economic Times · 1y ago

Flipkart close to profitability: CEO Kalyan Krishnamurthy tells staff

According to a recent announcement made by Flipkart CEO Kalyan Krishnamurthy, the e-commerce giant is reportedly close to achieving profitability. Krishnamurthy shared this news with the company's staff members, indicating that Flipkart has made significant progress in its journey towards financial stability. This development is a positive sign for the company and highlights its success in navigating the competitive e-commerce market.

Flipkart to roll out quick-commerce venture soon

Economic Times

Economic Times · 1y ago

Flipkart to roll out quick-commerce venture soon

E-commerce giant Flipkart is reportedly planning to launch a quick-commerce service in the next few months, according to sources. The specifics, such as the timeline and number of cities, are still unknown. This move follows the growing presence of quick-commerce firms like Zepto and Blinkit, who have been expanding their offerings in categories such as fashion, beauty, electronics, and more. Flipkart has been investing in enhancing its delivery capabilities, including same-day delivery in 20 cities, and is committed to meeting evolving customer expectations. The Indian quick-commerce sector has the potential to expand into a wider array of product offerings in the future.

Flipkart raises fresh investment of $350 million from Google

Economic Times

Economic Times · 1y ago

Flipkart raises fresh investment of $350 million from Google

Flipkart has successfully concluded its funding round with Google investing $300-350 million. The e-commerce giant has been valued at approximately $35-36 billion following this round, in which Walmart also contributed $600 million. The funding will be utilized by Flipkart for its quick commerce venture set to launch in July.

Myntra Design receives $125 Mn from parent entity

Entrackr

Entrackr · 2m ago

Myntra Design receives $125 Mn from parent entity

Myntra Design, a fashion e-commerce platform owned by Flipkart and operated in India, secured Rs 1,062.5 crore or $125 million from its Singapore-based parent company FK Myntra Holdings. Prior to this, Flipkart infused $81 million in Myntra’s holding entity in Singapore. The board at Myntra allotted 19,43,753 equity shares at an issue price of Rs 5,466 each on a right issue basis to raise the aforementioned amount, its regulatory filing accessed from the Registrar of Companies (RoC) shows. This development comes at a time when e-commerce platforms are facing intense competition, further heightened by the re-entry of Chinese fashion brand Shein into the Indian market through Reliance Retail. Flipkart acquired Myntra in 2014 for $240 million. The fashion e-commerce major turned profitable in the fiscal year ending March 2024, reporting a profit of Rs 30.9 crore—a significant turnaround from a massive loss of Rs 782.4 crore in FY23. During the same period, its revenue from operations surpassed Rs 5,100 crore. In November 2024, Myntra entered the quick commerce space with the introduction of its new feature, M-Now to deliver fashion and beauty products in just 30 minutes to 2 hours to compete with other major players in the space including Zepto, Blinkit, Instamart. Flipkart also joins the likes of Pine Labs, Razorpay, Meesho who are relocating their domicile to India ahead of their public listing.

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