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Tag: fashion

Flipkart acquires 7.8% stake in Aditya Birla Fashion for $204 Million
ACQUISITION

Flipkart acquires 7.8% stake in Aditya Birla Fashion for $204 Million

New Delhi, Oct 24, 2020: Walmart owned Flipkart acquires a 7.8 percent stake in Aditya Birla Fashion and Retail for $203.8 million (Rs 1,500 crore) as it taps into the offline retail player's large bank of apparel outlets to bolster its presence in the high-margin fashion business. Billionaire Kumar Mangalam Birla's retail business will issue preference shares to Flipkart, giving it a 7.8 percent stake, Aditya Birla Fashion said in a stock exchange filing on Friday. Aditya Birla Fashion's current owners will hold a 55.1 percent stake after the allotment. While Flipkart will gain from Aditya Birla Fashion's range of international and Indian brands, the deal will help the company cut down debt, which stood at Rs 2,776 crore as of March 31, 2020. The investment will give it a big...
Forever 21 fashion chain files for bankruptcy
News

Forever 21 fashion chain files for bankruptcy

Low-price fashion chain Forever 21, a one-time hot destination for teen shoppers that fell victim to its own rapid expansion and changing consumer tastes, has filed for Chapter 11 bankruptcy protection. The privately held company based in Los Angeles says it will close up to 178 stores. The company once had more than 800 stores in 57 countries. Forever 21 joins Barneys New York and Diesel USA in a growing list of retailers seeking bankruptcy protection as they battle online competitors. Forever 21 was founded in 1984 and, along with other so-called fast fashion chains like H&M and Zara, rode a wave of popularity among young customers that took off in the mid-1990s. But over the last year or so, fast fashion has fallen out of style. vivus займзайм на счет в банкеза...
Gucci owner to pay record $1.7 billion fine
News

Gucci owner to pay record $1.7 billion fine

Kering SA, the French owner of Italian fashion giant Gucci is set to pay a record fine of nearly 1.5 billion euros ($1.7 billion) in a tax evasion case, according to media reports Friday. "Lawyers are still negotiating with the tax authorities over a few hundred million euros, but the fine that the (French luxury) Kering group is about to pay is the highest (in Italy)," the La Stampa newspaper said. "It's a cheque for nearly 1.5 billion euros," it added. It follows a probe by Milan's public prosecutor into the fashion house on suspicion of declaring several years worth of Italian sales in Switzerland, thereby saving around 1.3 billion euros in domestic tax. Kering is expected to sign an agreement on the amount due on May 2, according to the financial newspaper Il Sole 24 Ore. ...
Kim Kardashian Planning to Open Her Store in China
CHINA

Kim Kardashian Planning to Open Her Store in China

Reality television star and lifestyle mogul Kim Kardashian has her sights set on the Chinese market with plans to open a pop-up store, state media reported Friday. Kardashian, whose rapper husband Kanye West briefly lived in China as a child, recently launched her makeup brand KKW Beauty and told China's official news agency about her plans to do business in the world's second largest economy. But with a fraction of the followers on local social media platforms compared to her Instagram fans, she has a long way to go. "China has the best make-up, and I would love to explore more of it," she said from Los Angeles in the interview published Friday. Having "great interest in Chinese culture", Kardashian said she would like to film part of her reality TV show in the country. The...
Reliance Brands Ltd Buys Out a Lifestyle Company at $30 Million
ACQUISITION

Reliance Brands Ltd Buys Out a Lifestyle Company at $30 Million

A subsidiary of Mukesh Ambani-led Reliance Industries Limited called ‘Reliance Brands Limited’ has bought 100% stake in Rhea Retail Private Limited and has successfully acquired it for Rs 203.46 crore ($30 million) in cash. Rhea Retail is a Delhi-based privately owned firm which was founded in 2007 and its main line of business comprises of the distribution of women's, expectant mother’s, children's, and infants' clothing and accessories. Its revenue for the year through March 2018 was Rs 200 crore, the same as the previous year. On the other hand, Reliance Brands Limited is a part of Reliance Industries Group which too began its operations in 2007. It deals in over 40 international brands and aims to launch and build international and domestic brand equity in the premium to luxury s...
Myntra Acquires Bengaluru Based Smart Wearables Startup
ACQUISITION

Myntra Acquires Bengaluru Based Smart Wearables Startup

India's leading online fashion platform Myntra has acquired Bengaluru based Witworks. Witworks is a technology startup making smart wearable devices and their underlying software. Witworks team will join Mytnra R&D department after the acquisition to further strengthening the company's robust technology team and augment its product development capabilities. The acquisition will help Myntra to develop wearable products for their in-house brands as well as leverage the technology to drive innovation and enhance consumer engagement in the future. Jeyandran Venugopal, Chief Technology Officer, Myntra, said, "Wearables is currently a 300 crore industry in India and is growing rapidly, with online contributing 60 percent to the total business. This acquisition will help us to solidi...
Fashion Platform CoutLoot Raises $1 Million Series A Funding
FUNDING

Fashion Platform CoutLoot Raises $1 Million Series A Funding

India's leading C2C fashion re-commerce platform CoutLoot raises an investment of USD 1 million pre-series A funding round by Jadevalue Fintech, the investment arm of Chinese unicorn CashBUS led the investment round. CoutLoot has extended its operations across 14 cities and achieved more than 5,00,000+ app downloads. One of its unique features, 'Celebrity Closet' wherein it has established exclusive partnerships with leading celebrities to sell items from their own personal closets, has also received an overwhelming response from its users. A few of the TV celebs that sell on CoutLoot include Karishma Tanna, Aditi Bhatia, Niti Taylor, Aarti Chabbria amongst others. Considering its massive popularity, Jadevalue Fintech's investment in CoutLoot is being identified as a strategic move b...
Bewakoof.com Raises Fresh 5.55 Crore Funding From Snapdeal Founders
FUNDING

Bewakoof.com Raises Fresh 5.55 Crore Funding From Snapdeal Founders

Mumbai based fashion and lifestyle platform Bewakoof.com have raised fresh funding of ₹5.55 Cr from existing investors including Kunal Bahl, Rohit Bansal, Nikhil Vora (Founder, Sixth Sense Ventures), and Uniqorn Ventures in what appears to be a seed round. Earlier in 2015, the Snapdeal founders also invested an unknown seed amount in bewakoof.com. The Snapdeal founders combined have invested ₹4 Crore out of the ₹5.55 Crore raise. Including this round, Bewakoof has so far raised ₹15.6 Crore from investors including O3 Capital. The company Bewakoof Brands Private Limited allotted 1,678 Series Seed III preference shares of ₹15/- at a premium of ₹33,069.0046/- each on March 8, 2018. Founded by Prabhkiran Singh and Siddarth Munot in 2010, the website sells trendy and casual apparels a...
Myntra Revenue Shoots up to 87% in 2016-17
ANALYSIS

Myntra Revenue Shoots up to 87% in 2016-17

Flipkart owned India's leading fashion e-commerce company Myntra turnover zoom of ₹2,000 crore in fiscal 2016-17, an 87% jump from the previous year, according to a filing with the Ministry of Corporate Affairs. The company had posted a ₹816 crore loss in FY16. Tofler a data-tracking platform published this report. As per the report, 94% revenue came from trading business, that includes sales from Myntra’s private labels, a category that offers higher margins and has been aggressively pursued by the company over the years. And rest 6% from data processing, hosting and related activities and its Web portal. The filing did not show any profit or loss numbers for the year. Myntra was started private label business in 2015 and it now accounts for nearly a fourth of revenue. Last ye...
Fynd Raises Series A of USD 500k From Silicon Valley Based Rocketship
FUNDING

Fynd Raises Series A of USD 500k From Silicon Valley Based Rocketship

Mumbai, May 15th, 2017: Underlining its commitment to offer superior customer experiences with real time fashion discovery, Fynd, the unique fashion e-commerce portal, recently raised follow-up funds of USD 500k from Silicon Valley-based Rocketship. This new capital has been raised in an extension of the Series A funding round wherein the fashion e-commerce portal had raised USD 500k from Venture Catalysts in March. Fynd seeks to chiefly utilise the funds to strengthen its tech backbone, optimize its operations and further enhance its customer offerings as well as strategies. Fynd will leverage the VC firm’s expertise in data mining and machine learning capabilities to emerge as a household name in the fashion e-commerce space. The Series A funding comes close on the heels of the compan...
ShopClues Expanding its Fashion Business To Hit Profit Goal
News

ShopClues Expanding its Fashion Business To Hit Profit Goal

ShopClues is expanding its fashion business by bringing on board more local brands and enhancing product offerings, a move that will steer the e-commerce marketplace towards overall profitability. ShopClues, which focuses on value and mid-price segments, aims to hit overall profitability by the first half of 2018- 19. Talking about the lifestyle segment, ShopClues Co-Founder and Chief Business Officer Radhika Aggarwal said the current size of Indias apparel and lifestyle market is estimated to be over USD 90 billion but only 2 per cent of this is online. "However, this (lifestyle) is also the fastest growing category and reaches 24 per cent of online consumers in India," she told Pixr8. The lifestyle segment is fast growing with intense competition among not just fashio...