Snapdeal aims at raising sales to over Rs 6,000 cr in FY16

Snapdeal has announced various measures with the aim to cross sales of over Rs 6,000

crores from fashion in the fiscal 2016. To achieve its target, the company is bringing skilled designers on board while launching occasion-based fashion stores as well as virtual trial rooms. The company is expecting sales of Rs 1,500 crores this fiscal from fashion.

Snapdeal has managed to raise over 233 million dollars (over Rs 1,400 crores) this year from investors including Premji Invest, Temasek and eBay Inc. With its ‘bachate raho (keep saving)’ tagline and focus on unbranded products sold by small manufacturers and retailers, Snapdeal has established itself as a mass-retailer, with over half of these 50,000 merchants selling fashion and lifestyle products that account for 60 percent of its orders.

The plan now is to focus on the branded and premium fashion segment. Electronics accounts for 30 percent of the online retail market while fashion and lifestyle accounts for 25 percent, according to a study by Technopak. But the latter is expected to grow to reach 30 percent of the market in 2019.

This week, Snapdeal would unveil a specialised crafts store that will sell handcrafted products, primarily jewellery, apparel and furnishings. The company has partnered Delhi-based Ode to Earth, an initiative of not-for-profit organisation Access Development Services. Ode to Earth, which works with craftspeople from states like Rajasthan, Uttarakhand and Assam, will give Snapdeal access to about 10,000 artisans. The site also plans to launch other specialised stores like a wedding store soon. The company is also in talks with Indian and international designers to partner and retail their products online.