Flipkart forms strategic partnership with Lifestyle
August 15, 2019 - India
India’s Flipkart has formed a strategic partnership with retailer Lifestyle to counter Amazon in the fashion retail business. The partnership is also likely to support both firms in countering the planned e-commerce venture of Reliance Industries in future. The Flipkart Group reportedly has a 70 per cent market share in the online fashion retail market.
Through this partnership, Lifestyle will take its wide selection of product ranges including its fashion private label brands across womenswear, menswear, kids wear, footwear, handbags, fashion and accessories, to newer geographies. It would also be able to serve the over 160 million consumer base of the Flipkart Group, according to Indian media reports.
“Fashion is a $100 billion market in the country with only 6 per cent having been penetrated by the online retail players. There is a very large opportunity to enable more consumers to come online,” said Rishi Vasudev, senior vice president and group head, fashion, at Flipkart, Myntra, Jabong.
Vasudev feels the partnership will further strengthen its position as the leading fashion destination in India.
At present, 2-3 per cent of the business of Lifestyle International Pvt Ltd is online and its target is to grow that to 15-20 per cent, according to managing director Vasanth Kumar.
Twenty years in the industry, Lifestyle now has a network of 78 stores in India and is growing rapidly by adding one store every 45 days. The company is aiming to have 100 stores within the next two years.
Kumar said the company is present in 44 cities and the Flipkart partnership would now enable it to reach small cities and towns too. (DS)