E-commerce major Snapdeal will be investing 100 million US dollar over the next one year to give its fashion business a makeover.
“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 US dollar in building capabilities in fashion,” Kunal Bahl, CEO of Snapdeal said.
“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 per cent of sales is not branded. Today 90 per cent of all fashion sold online is branded. I think something is wrong here,” he said.
“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,” Bahl added.
Post the government’s recent decision on demonetization of Rs.500 and Rs.1000 currency notes, Snapdeal has launched a new feature ‘Wallet on Delivery’ (WoD) to allow users to pay on delivery by using its FreeCharge wallet.
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