Source: Economic Times, 01 June 2023
Offline fashion discovery and savings platform Magicpin has added over 150 fashion brands, and 10,000 fashion stores in the last 12 months and aims to add another 10,000 fashion stores by year-end, a senior executive said.
Major brands including Puma, Titan World, Wildcraft, United Colors of Benetton, Levi’s, Lifestyle, Pantaloons, Being Human, Pepe Jeans, Jack & Jones, ONLY, Max Fashion, Van Heusen, Liberty, Blackberry have joined the platform in the last 12 months.
Magicpin has increased its catalogue size to 5 million SKUs. The company also uses geo-tagging to study the trends available in a particular location and style options giving more targeted recommendations to customers which in turn boost a fashion store’s revenue.
"Fashion category currently contributes 25% to our total business. We have been experiencing steady 10% month-on-month growth in terms of scale and has doubled down in the last year,” said Anshoo Sharma, CEO & co-founder at magicpin.
According to Statista, India's fashion market size was estimated at $97.8 billion in 2020 and is projected to reach $180 billion by 2030, growing at a CAGR of 8.5%. The market is expected to grow annually by 6.5% (CAGR 2021-2026).