Online sales of fashion brands🔥; CoinSwitch Pro for crypto pros📊; Amazon to invest $1 Bn in movies🎬
Online sales now account for 50% of top fashion brands, CoinSwitch launches Pro for crypto pros, Amazon to invest $1 billion in movies for theaters, Funding Deals and more.
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Online sales now account for 26-50% of top fashion brands’ business🛍️
The way India shops for fashion has changed substantially since the outbreak of the Covid-19 pandemic.
Online purchase of shirts, jackets, dresses, tops, jeans, sneakers and boots now accounts for 26-50% of total sales for some of the largest fashion brands in the country, busting the myth that touch and feel are critical factors in fashion purchases.
Puma India’s online sales account for half of its total business, while the share of online sales for H&M is 42%, Marks and Spencer 25%, Woodlands 35%, and Arvind Fashions 26%, according to company executives or the latest regulatory disclosures by these companies. This is in stark contrast to 2019-20, when online sales accounted for 5-10% of total business for some brands.
Consumer habits have changed, according to company executives, and online shopping for fashion has surged not just in urban markets but in smaller towns as well.
CoinSwitch launches multi-exchange trading for crypto pros📊
Cryptocurrency platform CoinSwitch on Wednesday announced the launch of CoinSwitch Pro, a multi-exchange trading platform for advanced crypto traders.
While the CoinSwitch app allows users to buy and sell cryptocurrencies with a trade limit of Rs 2.5 lakh per order, the new desktop-only platform allows traders a limit of Rs 10 lakh per order.
And while the mobile app automatically selects the exchange on which a particular order is placed, the CoinSwitch Pro platform allows users to select the exchange to place a trade.
The new product launch comes amid a bear run in cryptocurrencies as companies focus on building new products to grow their revenues.
Hot Shorts⚡
Early-stage venture capital firm Kae Capital has marked the final close for its latest fund, Fund III, at Rs 767 crore.
Therapeutic behavioural health platform Sukoon Healthcare has secured an investment of $15 million led by Lightrock India.
Health-tech platform RedBrick AI has scooped up a $4.6 million seed funding round led by Sequoia India and Southeast Asia’s Surge along with participation from Y Combinator and other angel investors.
Amazon plans to invest $1 billion in movies for theaters🎬
Amazon.com Inc. plans to spend more than $1 billion a year to produce movies that it will release in theaters. The world’s largest online retailer aims to make between 12 and 15 movies annually that will get a theatrical release.
Amazon will release a smaller number of films in theaters next year and increase its output over time. That number of releases puts it on par with major studios such as Paramount Pictures.
Streaming services have eschewed theaters with most of their original movies or released the titles for less time and on fewer screens than traditional movie studios. Netflix Inc. in particular has aggravated cinema chains by releasing more than a movie a week for viewers at home.
Amazon is ramping up its investment in original movies following the $8.5 billion acquisition of MGM, a 98-year-old Hollywood studio that released Ben-Hur and Legally Blonde.
Tweet of the day🐥
Other Top Stories
🥤 Tatas to acquire Bisleri for up to ₹7,000 crore
💸 Prosus reports strong growth in Swiggy, Instamart, PayU in 2022
“Your assumptions are your windows on the world. Scrub them off every once in a while, or the light won't come in.”
- Isaac Asimov
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