Amazon Accepts Flipkart’s Challenge – Launches Private Fashion Label Symbol Before Festive Season
Right ahead of the lucrative festive season in India, Amazon India has accepted Flipkart’s e-fashion challenge and has decided to take it’s competitor heads-on in this niche.
Symbol, a private fashion label, has been launched by Amazon to capture the high-margin e-fashion niche in India, and the timing of this launch is just perfect to make a major dent in the niche.
Symbol, an Amazon Exclusive label has been described as a ‘western wear brand, which straddles formal and casual wear’.
Launched by N.R. Narayana Murthy’s Catamaran Ventures backed Cloudtail India Pvt. Ltd, Symbol is being talked about as the first among six private labels to be launched by Amazon India this year.
This means that Amazon is not happy with Flipkart-Myntra-Jabong garnering 30-35% of the e-fashion market in India, and wants to grab some market share very soon.
We had earlier reported that Flipkart is looking to completely dominate the e-fashion niche in India by attempting to corner 50% market share during the oncoming festive season. Considering the high-margin niche, both Amazon and Flipkart are now fighting heads-on to capture maximum market share.
Note here, that India’s FDI rules doesn’t allow inventory based online retail, but only marketplace based business model. This is the reason Amazon India has tied-up with Cloudtail India to launch a variety of products, which includes clothes, headphones, charging cables, bags and a few other accessories under Amazon Basics brand.
Symbol’s Focus Is Men’s Fashion
Interestingly, Amazon has decided to launch their private label fashion brands with focus on men’s fashion; something which is unique and innovative.
As we observed on Amazon’s website, Symbol brings an interesting proposition to men’s lifestyle and fashion needs, as the products are being directly targeted to suave, niche, high end male professionals from urban locations.
For instance, the four major images portraying Symbol’s products showcases male professionals such as private equity investor; artist, journalist and blogger and executive chef, all donning Symbol’s clothing lines in various poses.
This means that Amazon wants to rope in male urban fashion enthusiasts, with top of the line, exclusive collections.
Pricing wise, the products are moderately placed with formal shirts starting from Rs 900 and casual trousers beginning at Rs 1300 price range.
As if now, Symbol offers: Shirts, t-shirts, bottoms, innerwear, accessories and soon to be launched night wear.
Symbol’s Aggressive Expansion Plans
In a smart move, Amazon has roped in Gautam Kotamraju from Myntra for aggressively expanding Symbol and other private labels which would be launched this year.
Gautam had earlier helped Myntra to launch Roadster and Mast & Harbour, which now accounts for 25% of overall sales on the portal. Having an experience of 18 years in fashion niche, Gautam had made private label fashion brands so popular on Myntra that collectively, they churn out 20% of the overall revenues of the portal.
Amazon is now attempting the same feat, in association of 6 private fashion labels, out of which Symbol is just the start.
Flipkart: It’s your move now.