Amazon India’s largest seller Cloudtail has launched Symbol, an in-house private fashion label in a bid to boost sales and margins in the second largest product category in e-commerce.
As of now, Amazon lists a Symbol store with shirts, t-shirts, bottoms, innerwear and accessories. The website also lists nightwear as coming soon. The store currently has over 200 listed items like socks, handkerchiefs, trousers, boxers etc. Note that from a cursory glance all the clothing appears to be for men. The remaining brands will be launched by Cloudtail by year-end, a report in Mint stated on Tuesday.
Amazon India, which is facing stiff competition from rival Flipkart, has been gearing up for the festive season for several months now. It increased its operational capacity by opening 24 new fulfillment centres and also boost its seller base from 40,000 last year to 120,000 presently. Its offline shopping initiative Udaan has also expanded to 100 cities and towns in 14 states from just three states last year.
E-tailers are now exploring options of high-margin private label business as it eliminated the need for third-party sellers. Also, fashion is expected to become the largest product category by 2020, says a Google Inc and AT Kearney report.
In July, Amazon launched Prime in India at an introductory price of Rs 499 for a year which would give users same day or next day delivery on orders and 30 minute early access to lightning deals. After the inaugural pricing period, a Prime subscription will cost Rs 999 a year. Subsequently, the company launched Amazon Pantry in Hyderabad, which is available globally only for Prime members.