Luxury flash sales retailer LuxeYard Inc., California based, has recently announced its expansion plans in India. LuxeYard is a members-only site that sells home decor, furnishings and fashion items. It lets its members determine what is sold on the site and offers them discounts for group sales.
The retailer aims to capitalize on growing ecommerce market scene in India, which is witnessing rapid growth according to a recent report by Forrester. Under an agreement, Sashi Chimala, veteran Entrepreneur, will establish LuxeYard India – india.luxeyard.com, with a dedicated team to build out product acquisition, marketing and merchandising operations to manage the site, working closely with LuxeYard US team.
“This exciting deal provides access to one of the fastest-growing e-commerce markets in the world, where rising consumer spending power and demand for luxury goods will combine to help us achieve our revenue goals and business objectives,” says Braden Richter, CEO of LuxeYard in the release.
According to the Internet and Mobile Association of India, non-travel e-commerce, which is 30% of the total industry now, is estimated to grow 10 fold to approximately $6 billion by 2015. Some estimates suggest that the total e-commerce market in India may grow to $125 to $260 billion in the next 12 years.
“The e-commerce market is in a state of rapid growth and the flash sale model is just now beginning to emerge in India,” said Chimala. “Our partnership is structured to immediately leverage our respective products, people and technology and will allow LuxeYard to enter the market quickly.”
In the view of Global traction and consumer demand gained by the Indian Market, there are several others International Brands and Retailers lined up to enter the market in some or other format where we will witness more Indian and International retailers starting up or expanding mainly via online.