New Delhi, June 4: Hyperlocal e-commerce firm magicpin plans to have 20,000 fashion stores on its platform by December this year, a senior company official said.
The company claims to have added over 150 fashion brands and 10,000 fashion stores in the last 12 months.
Fashion as a category currently contributes 25 per cent to the company’s total business, magicpin CEO and co-founder Anshoo Sharma told PTI
“Going further, we will double down our presence and tie up with 10,000 more fashion stores by the end of this calendar year and bring our grand total to 20,000 stores by end of the year, as customers’ seek value for money fashion options from popular international and national brands,” he said.
According to Statista, India’s fashion market size was estimated at USD 97.8 billion in 2020 and is projected to reach USD 180 billion by 2030, growing at a CAGR of 8.5 per cent.
The company has onboarded brands like Puma, Titan World, Wildcraft, United Colors of Benetton, Levi’s, Lifestyle, Pantaloons, Max Fashion and Van Heusen, among others, Sharma said.
“We are the single largest hyperlocal fashion retail platform and have been experiencing steady 10 per cent month-on-month growth in terms of scale in the last year,” he said. (PTI)
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