Arvind Textiles Confirms $10 Mn Spend On Ecommerce Vertical In FY ’17

Arvind Textiles Confirms $10 Mn Spend On Ecommerce Vertical In FY ’17

Textile manufacturer Arvind Ltd has poured in about $10 Mn in its online business, Arvind Internet in FY ‘17.

The development was confirmed by Jayesh Shah, Director and Chief Financial Officer. He said, that the company ‘spent over ten million plus last year’.  Shah also confirmed that the spend will continue to see a downward trend of about 20%-25%in the next few years as well.

For the financial year ending on March 31, 2017, Arvind Limited reported a 15% growth in revenue at about $1.4 Bn (INR 9,236 Cr). The company Board of Directors have recommended a 24% dividend for 2016-2017.

For Arvind Internet (Ecommerce and Creyate) the loss before interest and tax was reported to be about $13.7 Mn (INR 88.87 Cr) for the year ended March 31, 2017. The loss incurred by the company for the year ending March 31, 2016 was about $3.5 Mn (INR 22.92 Cr).

For the year FY ‘17, the net sales of Arvind Internet increased to about $2.3 Mn (INR 15.13 Cr) as compared to about $985K (INR 6.39 Cr) in FY 16.

Arvind Internet Ltd, established in 2013 is a hybrid tech and fashion startup, with its headquarters in Bengaluru and a creative division in Mumbai. The company kicked off with custom clothing platform Creyate in 2014. In May 2016, Arvind Internet, launched an omni-channel platform NNNow.com.

At the time of launch Nnnow was positioned to connect digital shoppers to merchandise from Arvind’s warehouses, 50-odd brands and a network of more than 1,200 stores across 200 Indian cities.

Arvind Limited owns and manages partnerships with multiple local and global brands such as Flying Machine, Arrow, US Polo, Tommy Hilfiger, Gant, Nautica, and Gap. It also runs beauty retailer Sephora and UK department store chain Debenhams in India.

In September 2016, Arvind Internet acquired FreeCultr, a private label ecommerce company.

The Indian ecommerce market is estimated to be worth $119 Bn by 2020, as per a recent Morgan Stanley report. Other major players in the fashion ecommerce category include Amazon, Flipkart (including Myntra & Jabong), Snapdeal, Koovs, etc.

(The development was first reported by Medianama)

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Arvind Textiles Confirms $10 Mn Spend On Ecommerce Vertical In FY ’17-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Arvind Textiles Confirms $10 Mn Spend On Ecommerce Vertical In FY ’17-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Arvind Textiles Confirms $10 Mn Spend On Ecommerce Vertical In FY ’17-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Arvind Textiles Confirms $10 Mn Spend On Ecommerce Vertical In FY ’17-Inc42 Media
Arvind Textiles Confirms $10 Mn Spend On Ecommerce Vertical In FY ’17-Inc42 Media
You’re in Good company