Turkey’s Koton enters India through Fashionandyou.com
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Koton, which has renewed its growth strategy, operates 260 stores in Turkey, 132 stores abroad and 392 stores in 25 different countries. The company aims to be the leading fashion brand across the globe by 2023. Smile Group, which owns and operates Fashionandyou, has undertaken restructuring of its business model to give aggressive competition to the rival online fashion platforms. After refurbishing the look and merchandise on offer, the group is in a process of changing the business model of its group buying site DealsandYou as part of the restructuring exercise. It has also pulled shutters on its online footwear store BeStylish.
The group's e-commerce revival bid will be largely driven by Fashionandyou, with support from its lifestyle brand Freecultr and online fashion jewellery shop Juvalia & You. The three currently account for combined gross merchandise value (GMV) or total sales value of products sold on the portals of about 80 million dollars (over Rs 500 crores).