To compete against existing players such as Jabong and Myntra, Aditya Birla Group is set to launch an online fashion retail venture selling apparel, footwear and accessories. The basic structure for the new portal and its branding will be ready in another six months.
The group is already into fashion businesses through Madura Fashion & Lifestyle, which sells brands such as Louis Philippe, Van Heusen, Allen Solly, Peter England and People. As per an ET report, the new online venture will be independent of this brick and mortar business.
By 2020, Indian’s online retail market is projected to grow to $45 billion from $2 billion in 2013, as e-commerce is the fastest growing sector in India.
Aditya Birla Group had turned to Telecom and Retails sectors in the late 1990s, and made a entry into the retail sector by launching its own brand, in 2008, following Kishore Biyani’s Big Bazaar that changed the shopping habits of urban consumers. Amazon is also planning to launch its own fashion labels and competition is heating up in fashion e-tailing market in India.