Fast Retailing’s biggest chain, Uniqlo, recovered from some sluggish trading months in June with the company saying on Tuesday that its like-for-like sales, including online sales, surged as much as 27.3% year-on-year.
Amazon India is betting big on tier 2, 3 cities for growth of its fashion vertical in the country. The company claims that tier 2, 3 cities currently contribute around 60 to 65 percent to its total fashion sales.
Spanish fast fashion retailer Zara saw its net profits in India drop by 13.4 percent during the 2019 financial year to Rs 71.49 crore ($10.75 million) although revenue had increased by 17.7 percent to Rs 1,438 crore.
Walmart Inc’s Indian unit Flipkart said it plans to replace nearly 40% of its current fleet of delivery vans with electric vehicles (EVs) by March 2020, as part of its efforts to cut down on its carbon footprint.
The Minister for Micro, Small & Medium Enterprises, Nitin Gadkari, said that the government is considering setting up an e-commerce site specifically for MSMEs to help them expand their businesses internationally.
H&M’s sales may have grown in Q2 but it has reported a small drop in its pre-tax profit. However, encouragingly, the company said its summer collections are selling well and June sales in local currencies are up 12%.
The Japanese fashion brand Uniqlo believes that India could become its largest global market, ahead of its native Japan and China, in around a decade as the brand also aims to increase its sourcing in the country.
Walmart-owned e-commerce major Flipkart will continue to focus on e-commerce growth in the country and keep its initial public offering (IPO) plans on hold as it is part of the company’s long term strategy.