Gurgaon-based Shopclues is eyeing profitability in the ecommerce business after having a spate of losses since last few years.
The company launched its first fashion wear exclusive label- MEIA on Thursday, in an effort to improve margins in the fashion ecommerce category.
This is the second exclusive label of the e-commerce platform after their home and décor brand- Home Berry.
“In the next few months, we are looking to launch other exclusive labels in men’s fashion, electronics and accessories,” Radhika Aggarwal, co-founder and chief business officer of Shopclues said.
The company has designed ‘MEIA’ as a pocket friendly brand targeted at young women (aged 18-35 years) and residing in India’s tier-2 and 3 markets.
MEIA fashion label products will retail from Rs 399 onwards.
Shopclues will offer products such as designer kurtis, chunky jewellery, clutches, watches under brand MEIA.
“Shopclues’ focus has always been filling the need-gap of consumers of tier 2 and tier 3 towns of India. Our total buyer base from these cities is more than 70 percent and the demand for better quality, affordable-designer products is increasing everyday,” said Aggarwal.
The products will be available on platform’s “Maha Bharat Diwali Sale” which starts on September 21.
The sale offers a flat 50-80 percent discount across the Home and kitchen, electronics, fashion and lifestyle categories.
Agarwal said that with the launch of our fashion label MEIA, we are looking to solve the fashion needs of the Indian working woman who is looking for trendy and high on design pieces which are affordable.
The company’s revenue for the year ended March 31, 2016, stood at Rs 179 crore with over double the loss at Rs 383 crore.
The company joined the Unicorn club with a claimed valuation of USD 1.1 billion last January following a fund infusion from Singapore’s sovereign wealth fund GIC Pte Ltd, and existing investors Tiger Global Management and Nexus Venture Partners.