Comments
Online fashion apparel seller Koovs is eyeing around ₹810 crore or 10 per cent of the total market (around ₹8,000 crore) of this segment by 2018 through selling ‘affordable’ range of western wear in the country.
The company said 85 per cent of its fashion apparels, particularly western wear, designed by in-house designers, is priced below ₹1,500. Some of the brands that sell on Koovs include Calvin Klein, Casio, Enamor, Flying Machine, Jack & Jones, Being Human and Nikhil Chinapa.
The company has around 150 international brands, out of which 50 per cent are its own private labels, crafted by 20-25 designers in its London studio. The company will introduce more fashion apparels in western and lounge wears, Mary Turner, Chief Executive Officer, Koovs, told BusinessLine .
“It’s anticipated to grow to £1.5 billion (₹14,550 crore) in five years. The fashion segment is expected to grow by 40 per cent per annum, so in five years, that is the market I am going after. In five years, 10 per cent of that, is a big slice in my view,” Turner said.
She said 10 per cent of such market size would be enough for the company as the rest can be taken care of by other leading companies such as Amazon, Flipkart and Snapdeal. “I don’t need the 90 per cent of the market as the big boys (like Amazon, Flipkart and Snapdeal) can develop that and give credibility,” she said.
Turner also said she does not see much of the competition with other online retailers in the same segment such as Flipkart owned Myntra, Jabong and LimeRoad.
“Koovs is not only about affordable western wear, but it is the ‘affordable western wear’ for the style conscious young Indian consumers aged 18-34 years,” Turner said, adding that recently the company even hired some agencies to understand the Indian youth market and since then brand awareness has gone up to 8 per cent.
According to a recent study, the e-commerce market is likely to grow 10-fold in the next five years to reach $100 billion on the back of increasing penetration of internet, smartphones and spread of digital network in rural areas. As per a report by FICCI and KPMG, the country's e-commerce sector, which is around $10 billion (₹65,000 crore) at present, can even touch $250 billion in the next 10 years as digital network would spread in the rural areas.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.