Weekly News Brief
SOMETHING'S BREWING IN...
India's biggest e-commerce players are in trouble. Amazon has entered the playing field, investing $5 billion into aggressively expanding their supply chain in India. The main competitors are domestic e-commerce kings Flipkart and Snapdeal, whom are reportedly considering a merger in light of the latter's financial troubles. Flipkart has also acquired eBay's Indian operations, and will take over eBay.in's customers later this year.
If this merger really happens, it's going to be a long, drawn-out battle between the two titans. Take cover!
The secondhand apparel market is clocking some pretty impressive figures these days. It is an industry that is expected to be worth $33 billion by 2021. The main driver for growth is the online resale sector, which has been growing at about 35% YOY. Millennials and grandmothers are more likely to shop resale apparel than any other demographic. According to ThredUp (which concentrates on resale apparel for women and children), the top 3 brands that are being purged from wardrobes are New York & Co., Tommy Hilfiger and Fabletics.
Spring closet cleaning, anyone?
THE FUTURE IS FARFETCH
Whenever the industry talks about innovation, the store of the future comes up as a hot topic. Retail technologies like smart mirrors and automated check-outs have been touted to be game-changers, but are they really being implemented on the ground? FarFetch has unveiled its Store of the Future concept, the first of its kind that centers the store experience on technology right out of the gate. The emphasis here is on capturing data at all points of the customer journey from the main doors to the shelves to the dressing rooms. Currently in beta, the store will see its first launch in London sometime in autumn.
NOT SO EASY NOW
We can say that the "see now, buy now" business model is trending, but what does this strategy really entail for brands? This metaphorical bandaid to the broken fashion system may not really be as applicable to all as once believed. Business of Fashion talks about how fashion immediacy requires far more investment, resources and coordination across a brand's value chain and marketing than most brands would estimate (e.g. Thakoon's reboot after trying their hand at the see now, buy now approach).
Since we're talking about business, it's time for an objective review of what retailers should be assessing to strengthen their position in the market. Read our article on key areas you should be taking a second look at.
☀️ THIS WEEK'S BRIGHT SPOT ☀️
Wait, say that again? In the wake of Alexandra Shulman's announced departure (after an amazing 25 years), British Vogue has named its successor. Edward Enninful will take over as editor-in-chief this August. While it's true that he has some mighty big heels to fill, Enninful has already made his mark in fashion history as the first male editor-in-chief in the entire history of Vogue. All eyes are on him now to pave a new way in this traditionally female position.