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Fashion eCommerce platform Voonik turns profitable with revenue up by 109%

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Voonik, December: An earlier not-so-known name in fashion e-commerce industry Voonik is now turning out to be profitable. Voonik climbed from out of red as it witnessed Rs. 17.63 crore losses during 2019 financial year and now, the company has been able to see a net profit of Rs. 28.90 crore for the FY20. However, according to Tofler, a regulatory filling sourced from a business intelligence platform, this is a 264% jump for the company. It also told that during the said period, the revenues were up at 109 per cent to Rs 44.76 crore from Rs. 21.45 crore.

The company in its filing quoted, “After substantial investment in the planned business project of the company, the Seventh financial year of operations closed with an operational profit of Rs 28,90,92,892/-. The Directors are optimistic about the company’s business and hopeful of better performance with increased revenue in next year.” According to Crunchbase, so far Voonik has raised $34.5 million funding across five rounds with the latest Series C round of $6 million in February 2017.

Also read: Metro Brands Ltd. plans expansion by strategic partnerships across India

Voonik is an online marketplace based in Bengaluru that operates products for men, women, kids and home decor as well and offers a wide range of options to choose from. Earlier in February, Voonik’s B2B business was unified with a Bangladesh-based start-up known as Shopup. Other than this, their B2C business was also merged with kids activewear start-up Schoolay.

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Fashion

Nykaa collabs with influencers to engage audience digitally

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January: To boost their online engagement, Nykaa Fashion has teamed up with beauty influencers in order to launch their mini-series, The Beauty Bar on the Nykaa Network. Nykaa is running various digital initiatives to keep up with its consumers ever since the lockdown was imposed in the previous year over the covid spread.

The interactive latest mini-tutorial series The Beauty Bar will have influencers giving tips to the viewers using the Nykaa products available at e-commerce platform of the brand. This would give shopper’s a piece of advice who are right now preferring online shopping while sitting at home. This would be done in place of the services and consultations the customers receive while in store.

Nykaa previously announced on Facebook that the celebrity make-up artist Ojas Rajani would come on January 16 to teach a Wedding Guest Look in a masterclass focusing the wedding season along with tips and tricks of make-up.

Also read: Nykaa Fashion launches the first store in Ambience Mall, New Delhi

Other than this, Vibhuti Arora would be leading a skincare masterclass titled Skin Revival 2021 on the same day. She will showcase trending skincare techniques focusing on how to take good care of the skin naturally.

Other than increasing their digital mark, the brand has been on foot after lockdown to restart its ‘brick and mortar’ expansion. Nykaa Fashion recently announced its first store in New Delhi’s Ambience Mall. Further, their new stores are also opening in Thrissur and Thiruvananthapuram, among other locations in the country.

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Fashion

Paris Fashion Week of this month goes totally digital

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January: French fashion’s regulatory body has ended the confusion and decided to go digital over the Paris Fashion Week. This month’s Paris men’s and haute couture will witness strict audience free amid the covid fear. The Federation de la Haute Couture et de la Mode told the luxury houses that they will not be allowed to invite guests this season as they got instructions by the police.

Even though Paris is not technically under lockdown, strict restrictions limited the movement in place nationwide which also include a 6pm or 8pm curfew. Also, a repeated failure in obeying the rules may lead you to a six-month prison sentence. Keeping the restaurants, bars, cinemas, theatres and museums shut, France’s second lockdown ended on 15 December.

In a statement to the AP, the federation said on Monday that “we confirm that there can be no public gatherings at Paris Fashion Week.” He further added, “houses can still organize ‘real’ runway shows with models broadcast live, provided that their events take place behind closed doors.”

Also read: Sustainable fashion, a huge concern as pollution, wastage rises in India

In order to maintain the social distancing norms and the stringent restrictions, the French fashion regulatory body is practicing every necessary step.

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Spanish brand Desigual expands online presence with Tata CLiQ Luxury

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January: Spanish fashion brand Desigual has expanded its online presence through Tata CLiQ Luxury. Earlier, Desigual forayed its Indian presence with help of retail group Tablez. The brand partnered with Tata CLiQ Luxury to bring the unique designs and products of Desigual to customers across the country. The development came after the brand witnessed a great response from its first concept store in Delhi.

Adeeb Ahamed, managing director at Tablez quoted as saying in a press release by Desigual, “We are excited to partner with Tata CLiQ Luxury to make Desigual’s product portfolio more accessible to our existing and new customers. The collaboration envisions bringing together Tata CLiQ Luxury’s extensive reach with Desigual’s high fashion offering, to deliver a seamless shopping experience for the fashion-conscious Indian consumer.”

“We are delighted to bring Desigual, a brand much loved for its optimistic, differential aesthetic, to our discerning customers. With this addition, we are able to provide the savvy, global Indian with a truly international shopping experience – one that is focused on quality, authenticity and thoughtfulness,” said Gitanjali Saxena, business head at Tata CLiQ Luxury.

Also read: British brand Burberry launches limited edition Future Archive collection

Desigual has been serving the best of their products to consumers and now aims at providing the digital presence. The Spanish brand aims at providing a unique character of its creations for the individuals wanting to be 100 per cent of themselves and express their most creative sides. The brand adjusts to needs of its buyers with the help of categories like women, accessories and footwear.

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