LatestOne.com, mobile and tech accessories e-tailer, has announced entry into the fashion accessories segment with the launch of a wide assortment of product like wallets, watches and sunglasses. This is in line with LatestOne.com’s strategy of continuously innovating and introducing promising categories to meet rapidly changing customer needs and demands.
The fashion accessories market size of India is estimated to be US $4.5 billion while the tech and mobile accessories market size is US $3.0 billion. LatestOne.com’s pan India consumer survey showcases growing fashion awareness in Tier-I and Tier-II cities, consumers between the age group of 18-34 prefer to buy fashion accessories online and male to female purchase ratio is 4:1.
On the entry into fashion accessories space on LatestOne.com, Founder and CEO, Ameen Khwaja said, “The Indian fashion accessories market is expected to grow to US $6 billion by 2019. It is obviously a promising market with strong growth. Fashion consumers are increasingly opting for online fashion accessories. The frequency of purchase by an individual customer has increased and online sites provide a wider choice before making a selection. The accessories market is not limited to urban consumers. With the increase in penetration of internet it is gradually spreading across Tier-II and Tier-III cities as well.”
There are several similarities and synergies in Tech & Mobile accessory and fashion accessory space, which led LatestOne to a logical extension of products to add this category.
“LatestOne.com will invest Rs 10 million per month and will sell semi-branded/ non-branded fashion accessories. Initially, our focus will be on male accessories priced between Rs 199 – Rs 500,” added Khwaja.