Oct 25, 2016
Craftsvilla plans to launch in-house fashion products
Oct 25, 2016
Craftsvilla, an e-commerce marketplace for ethnic fashion, is planning to launch its own in-house brand of products in multiple categories including fashion. The ethnic store backed by Sequoia Capital and Nexus Venture Partners, is targeting overall profitability by the end of this fiscal and aims to turn Craftsvilla into a complete ethnic brand.
“We are considering launching our own in-house branded products next year in fashion, home decor and food. We are focussed on becoming profitable in the next six months,” Manoj Gupta, co-founder of Craftsvilla told a news agency.
“There are currently no large brands in the ethnic space, and 98 per cent of the market is unorganized. We are keen on creating value and streamline this through our brand,” added Gupta.
Currently, about 80 per cent of the total sale is sourced from the ethnic fashion segment, while ethnic food and home decor segments of the firm contribute close to 10 per cent each. The company aims to increase the share of the two categories to 25 per cent and expects ethnic fashion to contribute 50 per cent to its sales.
Craftsvilla is also looking to work with various state governments to promote and market handicrafts, which is a $50 billion market in India.
The company has over 25,000 sellers and plans to double the number of sellers by March 2017 to increase its sales. More than 4 million products are currently listed on the platform.
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