India’s largest ecommerce platform Flipkart on Tuesday is looking at an ambitious 50% market share in online fashion products market.
Flipkat Fashions Vice President Rishi Vasudev said the Fashion vertical currently holds 35% market share in India. “We have clocked over $1 billion gross merchandise volume (GMV) last year on the back of expanded selection and exclusive offerings. Now, we expect to achieve 50% of Indian fashion market by 2023,” Vasudev said.
As part of the strategy, Flipkart also roped in exclusive partnership with leading companies like Puma, Wildcraft, Fossil, TCNS Clothing (owns brands like W, Aurelia and Wishful) and VF Brands (owns brands like Vans, The North Face, Timberland, Wrangler and Lee).
Besides Flipkart Fashion, Flipkart Group owns Myntra and Jabong in the fashion space. While Myntra is positioned as platform for fashion-conscious customers, Flipkart Fashion is focusing as a marketplace for trendy selection at affordable prices.
Vasudev said global trend is that 10% of retail online commerce is fashion but it is right now only 2.1% in India.
“We expect India’s online fashion penetration to reach 15% and thus expects total fashion spend in India to reach $15 billion to $20 billion by 2023. The purchasing power of Indians will increase from current $30 to $60 per year,” he said.
Flipkart CEO Kalyan Krishnamoorthy said 85% of fashion in the country is unbranded. “More than 50% of the platform is fashion. It will take long time for fashion to overtake electronics in GMV,” he said.
Flipkart also holds 51% market share in the kids fashion space and is registering growth in men’s wear and women’s wear space.