Jabong expands product portfolio, ties up with Hamleys to launch toys segment
Flipkart owned fashion firm Jabong has widened its product portfolio by entering the toys segment with a partnership with UK based toy chain Hamleys.
The online retailer known for its fashion brands will soon stock products by Hamleys on its website and expects the toy segment to contribute 10-15% revenue to its overall kids’ portfolio. At present, apparel segment contributes the highest to the Jabong business with around 45 percent, followed by footwear which is around 11-12 percent.
Jabong which aims to attain profitability in the next fiscal is eyeing a 40% growth in this financial year with the help of expansion of its product range.
The company’s entry into the $400 million toy segment is a smart move as the toy market is expected to grow at a rapid pace and Jabong’s ability to deliver in metro, tier II & III cities will certainly help the firm gain a large share of the toy market in India.
“Our foray into the toys segment will help us in fulfilling the overarching needs of the parents and also help us in strengthening our customer outreach. With the launch of Hamleys, Jabong expects the toy segment to contribute 10-15% revenue to its overall kids’ portfolio,” said Gunjan Soni, head, Jabong in a press release.
“We are excited to launch the brand on Jabong. Since both brands speak to a similar audience, Jabong is the right partner for Hamleys and the strengths of the portal will help us reach a wider geographic area and gain a major share of the fast growing online market for toys in India,” said Karandeep Singh, business head, Hamleys India.
UK-based Hamleys is one of the largest chains of toy stores in the world and entered the Indian market in 2011 with a partnership with Reliance Brands. Hamleys currently has 42 brick and mortar stores across the country.
Copyright © 2021 FashionNetwork.com All rights reserved.