Arvind Ltd online platform NNNow to expand brand portfolio
Apparel and textile major Arvind Ltd’s e-commerce platform NNNow is planning to enter the booming fashion e-commerce market by expanding its brand portfolio and offer other brands not owned or marketed by the firm.
Currently NNNow houses private labels by Arvind Ltd like Flying Machine, US Polo and also international brands like Gap, Next, Nautica, Hanes, Debenhams, Aeropostale, and Gant marketed by the firm in India.
Arvind Ltd had opened its e-commerce portal last year with an aim to force a major shift in the Indian fashion and lifestyle e-commerce space. The company during the launch had said that through the portal it plans to move away from a discount driven e-commerce market to brand-led shopping journeys.
NNNow is planning to open its doors to more than 30 other brands by the end of the current quarter, Mukul Bafana, CEO of Arvind Internet, told the Times of India.
"The idea is to become a software-as-a-service player for all the fashion brands and this is a one-of-a-kind initiative in the e-commerce world. Our platform will be like an online high-street for big brands," Bafana said.
Arvind Internet will only run the technology back-end and fulfilment, whereas the brands will independently be responsible for marketing their online presence.
Arvind Ltd wants the contribution of online sales to total revenue to rise and touch 15% in two years' time from 10% currently.
Arvind Ltd had reported a consolidated net profit to Rs 96.92 crore for the fourth quarter ended March with total income during the period at Rs. 2,493.19 crore.
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