Snapdeal will be investing US $100 million over the next one year to give its fashion business a makeover, according to a report in The Times of India.
“In the next few months, we will make some big moves in fashion. We will not limit ourselves to selling other people’s products only and will spend $100 million in building capabilities in fashion,” co-founder and CEO of Snapdeal, Kunal Bahl, said at the IIM Calcutta campus last week.
“It can’t be brand driven if it has to truly live up to its potential. At some point, online model has to mirror offline model where 90% of sales is not branded. Today 90 per cent of all fashion sold online is branded. I think something is wrong here,” he added.
“I am not the judge of right or wrong. But all I can say is that the current business model is not sufficient. The purpose of doing fashion online is to make money. If you are selling brands at a loss, why sell them in the first place,” he further stated.
Post the Government’s recent decision on demonetization of Rs.500 and Rs.1000 currency notes, e-commerce major Snapdeal has launched a new feature – Wallet on Delivery (WoD) – to allow users to pay on delivery by using its FreeCharge wallet.
“The launch of Wallet on Delivery is an absolute need of the hour for consumers. The launch of this new feature by FreeCharge shortly after the announcement of the demonetization of Rs.500 and Rs.1000 currency notes demonstrates our speed of execution in ensuring consumers’ needs are met in real time. We are delighted to continue our contribution to the Hon’ble Prime Minister’s vision to build a cashless society,” Bahl said.