“Disappointing” was how Asos described its first half as pre-tax profits went into freefall (down 87%). While sales rose 14% for the six months to the end of February, the retail gross margin dropped 60bps.
Bags and accessories maker VIP Industries is eyeing a larger market share in India’s branded bags segment and is currently in the process of revamping the brand to cater to younger consumers for growth.
The e-commerce business Shopmatic announced that its platform is now open to small and medium enterprises as it aims to promote nascent artisan businesses. Shopmatic also aims to bring an extra 500,000 customers onboard.
The micro, small and medium enterprises sector has the potential to create one crore Indian jobs in the next five years, but the industry’s growth is hampered by the low ratio of domestically manufactured products.
Paytm Mall, the e-commerce venture backed by China's Alibaba Group, is on a hiring spree and after employing over 200 people across various functions is planning to hire another 300 in the coming months.