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ShopClues to expand in lifestyle category
02
May '17
ShopClues, an online marketplace headquartered in Gurugram, has decided to expand in lifestyle category by including more local fashion brands and enhancing product offerings. The company believes this will lead to profitability. The lifestyle category which includes clothing, footwear and accessories contributes to 50 per cent of ShopClues orders currently.
 
The current size of India's apparel and lifestyle market is estimated to be over $90 billion with only two per cent of this being online. "However, this (lifestyle) is also the fastest growing category and reaches 24 per cent of online consumers in India," ShopClues co-founder and chief business officer Radhika Aggarwal told a news agency.
 
There is intense competition among fashion e-tailers like Myntra and also larger e-commerce companies like Amazon and Flipkart.
 
This category is expected to play a crucial role in reaching overall profitability by the first half of financial year 2018-19 for ShopClues, which focusses on value and mid-price segments. 
 
"We have exponentially scaled up our offerings in this category. Growth has been attained while improving the bottom-line and it is a profitable category for us," she said.
 
ShopClues works with over two lakh merchants in the fashion category and has an assortment of about four million products. "We have increased focus on affordable and high quality products and are positioning ourselves as the e-commerce destination for Bharat," Aggarwal was quoted as saying.
 
ShopClues focusses on tier II cities and beyond and reaches 30,000 PIN codes across India. For the year ended March 2016, Clues Network, that runs Shopclues, reported total income of Rs 178.61 crore, up from Rs 79.23 crore in the previous year. The net loss for the year under review increased to Rs 383.05 crore compared to Rs 101.37 crore for the previous fiscal, as per data available with the Registrar of Companies, the agency report said. (SV)

Fibre2Fashion News Desk – India


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