Myntra To Launch 100 Offline Stores
Myntra is set to open100 offline stores across Indian cities in the next two years, says a report.
The online fashion portal has encouraged by the impact of its first offline store launched recently, a top executive has said.
The Flipkart-owned entity expects to end the current fiscal year at $1.9 billion gross merchandise value run rate, up from $1.2 billion for FY18, riding on the back of private labels and offline expansion.
Reliance Brands Close To Genesis Luxury Deal
Reliance Brands is in the final stages of negotiations to acquire Genesis Luxury, a group company of private equity fund Sequoia Capital-backed Genesis Colors, according to a report.
The deal is for an estimated 450 crore rupees, sources said. Reliance Brands is owned by India’s largest retail chain Reliance Retail.
Genesis Luxury sells diverse brands including Burberry, Canali, Paul Smith, Armani, Just Cavalli and Jimmy Choo. The deal will strengthen Reliance Brands’ hold in the luxury goods market.
Samsung Eyes Increased Market Share
Top consumer electronic brand Samsung expects a 10% increase in its local market share by the September-October festival season, reveals a report.
The company is primarily aiming to do this through harnessing demand for premium and larger TV sets and through its geographic expansion.
Samsung has an expanded product portfolio and technology that would be difficult for competition to emulate, and an unparalleled service back-up,“ a top official said, adding, “Expansion into smaller towns and a strong presence in online and offline channels will help us grow our share.”
LVMH To Launch Jewellery Section
French group LVMH is opening a dedicated jewellery section on its multi-brand e-commerce site, according to a report.
The group, behind the labels Louis Vuitton and Celine, is now joining rivals jostling for a slice of one of the fastest-growing luxury goods businesses.
Luxury firms from LVMH to Cartier-owner Richemont are bolstering their web presence, and high-end jewellery and watches – once thought unlikely to attract online shoppers given their high price tags – are emerging as one key battleground.
Coca-Cola Bringing Juice Brand Rani
Coca-Cola will launch its acquired juice brand Rani to India, says a report.
This is in line with its aim to take on rivals such as, Dabur’s Real and Parle Agro’s Frooti, besides a slew of startups like Paper Boat and Raw Pressery.
Coca-Cola had acquired 50% equity in Bahrain-based Aujan Industries’ beverage business for close to $1billion in 2012, brands of which include Rani Float juice and Barbican malt beverage.
Hero Surges Ahead Of Rival
India’s largest two-wheeler maker Hero MotoCorp has surged ahead of its rival Honda Motorcycles and Scooters India (HMSI) by over 2.15 lakh units in the first two months of the current fiscal, says a report.
According to data by the Society of Indian Automobile Manufacturers, Hero has sold 13,70,393 units in April and May compared with 11,54,911 units sold by HMSI during the period, thus registering a gap of over 2.15 lakh units.
During the same period of previous fiscal, Hero had sold 11,98,674 units as compared with 10,62,113 units of HMSI, a gap of over 1.36 lakh units.
Uber Eyes More Languages On Platform
US-based cab aggregator Uber plans to make its platform available in seven Indian languages, including Hindi, Gujarati and Tamil, reveals a report.
The move is part of its plan for commuters in India as it looks to further strengthen its position in the market with localised offerings.
The company has launched a Lite version of its app that is designed to work well in low connectivity situations as well as on phones with low storage space. The made-in-India app has been launched as a pilot in Delhi, Jaipur, and Hyderabad.
Ducati Aims To Sustain Growth Push
Ducati is aiming to sustain double-digit growth momentum in India where it sees volume growing 100% in the next 3-4 years, says a report.
The Volkswagen Group-owned Italian superbike maker, which re-entered India in 2013, is actively expanding product portfolio and sales network as Indians increasingly lap up superbikes.
Apart from introducing four new products this year, Ducati will be adding showrooms in Chennai and Hyderabad and is contemplating starting a used-bike vertical with 2,000 Ducati bikes already plying on Indian roads.