Bengaluru: Fashion e-tailer Urbanic has earmarked an investment of USD 50 million for the Indian market, said the company’s co-founder James Wellwood.
Speaking at the third edition of E-commerce and Digital Natives Summit 2023 on August 9 in Bengaluru, Wellwood said, “While the exact plans are still being decided upon, we have earmarked $50 million of investment capital for the Indian market. The final plans will be drawn up in the near future, but it’s an important sum for a very important country.”
Without sharing many details, he said the money will be invested in strengthening the company’s supply chain and more important aspects.
Urbanic currently sells across its D2C application and website in the country. The brand recently delisted itself from the Flipkart group to focus on enhancing its D2C presence.
Commenting on Urbanic’s D2C strategy, he said, “We are an app and there are a lot of relationships that we build to understand what the customers want facilitated by our app, data, and technology. But, we also want to engage physically with our customers and that’s an area of focus.”
When asked if the retailer plans to go offline, the chief executive stated that while it still remains to be decided how the brand will play on the offline side, the company will always remain online.
Sharing the contribution of the Indian market to the company’s overall business, Wellwood said that the Indian market is ‘absolutely crucial’ for the fashion retailer on a number of levels.
“With differences between regions, states, and cities in tastes, we have a huge opportunity to address a challenge and meet the expectations of consumers.”
While he did not share the revenue details, he said that a significant portion of the company’s revenues are driven by India.
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