Flipkart strengthens fashion portfolio with investments in USPL
E-commerce major Flipkart has strengthened its fashion portfolio with a strategic investment in Universal Sportsbiz Pvt Ltd (USPL).
USPL owns clothing brands with celebrities including Wrogn with cricketer Virat Kohli; women’s ethnic wear brand Imara with Jacqueline Fernandez; and western wear brand Ms Taken with Kriti Sanon.
Through this investment, Flipkart aims to strengthen its association with USPL brands and deepen product offerings on its platforms, while USPL is looking to boost its online sales amid Covid-19 disruptions.
Commenting on the investment, Kalyan Krishnamurthy, CEO of Flipkart Group, in a statement said: “USPL’s unique brands, backed by celebrity endorsements, have a strong appeal for the young fashion-driven Indian consumer. This investment will help USPL and the Flipkart Group find deeper synergies as we continue on our commitment to grow an ecosystem of partnerships that deliver value for consumers and brands.”
Anjana Reddy, founder and CEO of USPL, added: “Post pandemic recovery has been great for us and we are at 80 percent of pre-Covid sales. During the time when the world is moving towards omni-channel retailing, we can significantly strengthen our online strategy by working with Flipkart and Myntra, the two prominent players in the Indian online fashion space.”
Apart from online, USPL brands are also present in over 750 offline retail outlets in 100-plus cities across India.
Copyright © 2021 FashionNetwork.com All rights reserved.