Flipkart and Myntra Join Hands with Canopy to

             Flipkart and Myntra Join Hands with Canopy to                     Advance Sustainability Efforts and Conserve Forests

• Sign up for Canopy’s Pack4Good (for packaging) and CanopyStyle (for fashion) initiatives
• To support approaches and systems to eliminate the use of materials derived from ancient and endangered forests in its use of packaging, paper or man-made cellulosic fibers

Flipkart Group, India’s homegrown consumer internet ecosystem including Flipkart, and Myntra, one of India’s leading fashion and lifestyle destinations, announcing its commitment to responsible sourcing of sustainable packaging and man-made cellulosic fibers in collaboration with not-for-profit environmental organisation Canopy.

Flipkart and Myntra recognise the role of the world’s forests in maintaining climate stability, preserving biodiversity, and protecting the rights of Indigenous communities. The companies have joined Canopy’s Pack4Good and CanopyStyle initiatives to extend their sustainability commitment to move towards sustainable packaging and material sourcing. Recently, they also announced a shift away from single-use plastics in their packaging with the introduction of the most scalable sustainable alternatives such as eco-friendly paper shreds, replacing poly pouches with recycled paper bags, replacing bubble wraps with carton waste shredded material and 2 Ply roll to name a few.

As signatories of Canopy’s Pack4Good (packaging) and CanopyStyle (fashion) initiatives, the two Flipkart Group companies will shift towards sustainable sourcing of forest-derived products and pilot alternative next-generation solutions to transition away from forests for raw materials. For this commitment, Flipkart and Myntra will focus on the following activities over the next three years:

• Exploring sourcing or designing of reusable/refillable shipping boxes to reduce corrugated paper and paperboard
• Encouraging the use of recycled, reusable and/or FSC certified paper and packaging as well as sourcing products with responsibly sourced man-made cellulosic fibres
• Design and implement e-commerce, shipping, display and wrapping systems that minimize the use of packaging materials
• Increase utilization of recycled materials in packaging
• Utilize reusable packaging systems for intra business applications
• Increase the use of digital communication, marketing and accounting systems
• Adopt best practices including researching and applying emerging and circular economy innovations.
• Increasing the use of responsibly sourced man-made cellulosic fibre for in-house products including rayon/viscose, lyocell, and modal
  

“India has incredible potential to be a global leader in the production of Next Gen packaging and clothing and this partnership with Flipkart and Myntra turbo charges efforts to scale these climate-saving solutions on a meaningful timeline,” said Nicole Rycroft, Executive Director at Canopy. “We applaud Flipkart Group’s leadership and look forward to collaborating with them to realize these ambitious goals.”

Hemant Badri, Senior Vice-President and Head of Supply Chain at Flipkart said, “Flipkart as a homegrown e-commerce marketplace is committed to creating a sustainable environment by sourcing responsibly while creating sustainable alternatives for business needs. In this endeavour, we are so pleased to be joining both CanopyStyle and the Pack4Good initiatives, in order to save the world’s ancient and endangered forests. We look forward to a close collaboration that will allow us to open up a new sourcing stream for packaging and will fuel change in other key operational areas as well, inculcating sustainability initiatives in logistics, infrastructure, energy efficiency, and more.”

Neetu Jotwani, Vice-President and Head of Sourcing, Myntra, said, “Myntra is committed to sustainability and has always been at the forefront of industry-first initiatives that reduce carbon footprint while encouraging recycling across the entire supply chain and manufacturing processes to make them more eco-friendly. This association with Canopy and the adoption of CanopyStyle for fashion and Pack4Good for packaging is a major step towards our goal of further eliminating single plastic use and increasing environment-friendly practices.” 

Responsible forestry and ensuring there is no sourcing from the world’s Ancient and Endangered Forests is a critical step toward sustainability and this policy will successfully aid the Flipkart Group’s mission. With Canopy’s support, it will continue to transform supply chains into life-affirming value chains.

ICICI Bank extends instant ‘Cardless EMI’ for online shopping

ICICI Bank extends instant ‘Cardless EMI’ for online shopping; enhances affordability of customers

 

·         Millions of pre-approved customers can instantly and digitally convert their high value purchases into easy EMIs

·         They can avail the facility across 2,500 e-commerce brands

·         First bank in the country to offer this facility

ICICI Bank today announced that it has introduced the instant ‘Cardless EMI’ facility to online purchases made on e-commerce platforms. The facility enhances affordability to millions of the Bank’s pre-approved customers, as it allows them to instantly buy products or services online through Equated Monthly Instalments (EMIs) in just a few clicks by using their mobile phone and PAN. Customers can convert the transactions up to Rs. 5 lakh into easy monthly instalments by simply entering their registered mobile number, PAN and OTP (received on mobile number) at the check-out section of the e-commerce website or app. The facility can be availed across a host of categories such as electronics, home appliances, laptops, mobile phones, travel, fashion apparels, sports-wear, education and home décor.

ICICI Bank is the first in the industry to introduce convenient and instant cardless EMI facility for online shopping, seven months after it launched the same service at retail stores. The Bank has tied up with leading digital lending platforms namely FlexMoney and ShopSe to offer this facility across 2,500 brands including Bata, Bajaj Electricals, Career Launcher, D Décor, Decathlon, Duroflex, Flipkart, HealthifyMe, Henry Harvin Education, Kurl-on, Lenovo, Lido Learning, Myntra, Makemytrip, Morphy Richards, Nokia, ONLY, Panasonic, Pristyn Care, Raymonds, Simplilearn, Tata Cliq, Think & Learn, Toppr, Vedantu, Vero Moda, Vijay Sales and Urban Ladder. The Bank will add more brands to this facility in future.

 

Speaking on the new facility, Mr. Sudipta Roy, Head- Unsecured Assets, ICICI Bank said, “We, at ICICI Bank, believe in providing innovative, convenient and hassle-free products to our customers. With this thought, we had introduced instant ‘Cardless EMI’ facility for retail stores in the last festive season to help our customers to purchase products of their choice in a completely contactless, digital and secure manner. Inspired by the encouraging response from it, we have now extended the facility for online shopping. With this, our customers can shop from over 2,500 e-commerce merchants and brands just by using mobile phone and PAN. The new offering improves affordability to millions of our customers as they can purchase high value products on EMIs and in a secure, convenient, instant and digital manner.”

 

Mr. Yezdi Lashkari, Founder & CEO of FlexMoney Technologies said, “We are delighted to partner with ICICI Bank and enable their customers to shop with ‘Cardless EMI’ at their favourite e-commerce merchants and brands. We share ICICI Bank’s vision that the future of purchase finance will be a frictionless, integrated, and cardless digital credit checkout experience for the consumer. FlexMoney’s InstaCred platform provides a seamless and secure merchant integrated checkout experience to customers of ICICI Bank enabling them to shop across our multi-category merchant network.”

 

Mr. Pallav Jain, Co-founder & CEO, ShopSe added, “At ShopSe, we are passionate about providing best-in-class EMI solution to our merchant partners and customers. That’s why we are proud to get an opportunity to partner with ICICI Bank on their innovative and first-of-its-kind Cardless EMI product. It’s been a delight working with ICICI Bank team, which is equally passionate about the experience at point of purchase.”

 

Benefits offered by ‘Cardless EMI’ for online shopping:

·         Digital & instant process: Customers can avail the EMI facility in a completely digital, instant and secure manner

·         Wide transaction limit: Customers can get pre-approved limit for purchases from Rs. 7,000 to Rs. 5 lakh

·         Flexible tenures: Customers can select tenures of their choice from 3, 6, 9 and 12 months

·         Exclusive convenience: No other bank in India offers this convenience

·         Wide range of categories: The facility is available across 2,500 e-commerce brands of electronics, home appliances, laptops, mobile phones, travel, fashion, sports-wear and home décor

 

Here are simple steps to opt for the ‘ICICI Bank Cardless EMI’ facility: 

·         Log on to the website/ app of any of 2,500 e-commerce brands

·         Choose the products or services > Choose ‘Cardless EMI’ as the payment option

·         Enter registered mobile number > enter PAN > enter the OTP

·         Transaction gets approved at this stage instantly

                                                                                         

ICICI Bank customers can check their eligibility for ‘Cardless EMI’ for online shopping by sending SMS ‘CARDLESS’ to ‘5676766’ or check the offers section on iMobile app.

 

Taavi launches its first Personal Care range of

 Taavi launches its first Personal Care range of products on Flipkart and Myntra

The new range unlocks the power of natural ingredients for beauty & health

The product line-up includes ‘Truly Natural’, ‘Safe and Real’ hair cleansers,
hair conditioners and face washes

Taavi, Myntra’s multi-cultural lifestyle brand that blends traditional Indian textile crafts with modern fashion sensibilities, has made its foray into the personal care products category. Myntra and Flipkart have co-developed an array of hair cleansers, hair conditioners and face washes, under the brand Taavi, which has established itself in making traditional crafts more relevant to the modern consumer, with a focus on their revival.

Extending this effort further, the newly launched personal care range is truly natural, with a contemporary twist on some of India’s traditional formulations. These products have been developed in collaboration with the Khadi Industry and small-scale enterprises that work with thousands of rural women and local communities in India, making them true to Indian roots. 

Over the course of the last few years, there has been a considerable shift in consumer preferences towards natural or organic skincare routines. According to a recent ASSOCHAM report, the personal care market in India is set to touch $20 billion by 2035, driven by increasing disposable incomes and growing aspirations. Consumers are looking for sustainable ‘Made-in-India’ brands that can offer them a natural, chemical-free product experience. Catering to this growing demand, the Taavi personal care range are natural products, developed by using plant-based extracts and offers a contemporary twist to the goodness of traditional ingredients such as bhringraj, papaya, aloe-vera, reetha, shikakai, amla, coconut oil and ubtan among others that have been used for centuries in India.

The ‘Taavi range of personal care products come with a truly Natural, Real, and Safe proposition, i.e. ‘Natreal™’ and ensure that consumers have high-quality and reliable products, backed by the authenticity of homegrown e-commerce companies, Flipkart and Myntra.

On the launch of Taavi’s new range, Manish Kumar, Senior Vice President - BGMH, Furniture and Grocery, Flipkart, said, “There has been a rising demand for wholesome and natural personal care products - something that we have witnessed through consumer buying behavior on Flipkart platform. Our constant endeavor is to bring products to consumers that fill the need gaps in the market. By partnering with Myntra to launch Taavi’s natural personal care range, we have an opportunity to address the gap and demand for authentic indigenous products. These products are inspired by generations-old formulations but with a contemporary tweak to suit the modern lifestyle. The Taavi Personal Care collection augments the nation’s call for going Vocal for truly Local products, and speaks volumes of the quality that these products are going to offer.”

Nishant Prasad, Senior Director, Myntra Fashion Brands added, “As a brand, Taavi has come a long way in a relatively short span and has created a mark for itself among shoppers who appreciate and revere the rich cultural heritage of our country. Today, it is, more than just a brand and signifies Myntra’s commitment towards the upliftment of the traditional art and crafts that have epitomized our nation for centuries. Taavi’s foray into natural personal care products is an important step in further strengthening Myntra’s position in the Beauty and Personal Care space, offering millions of customers truly natural, ‘Made in India’ beauty products. The move will not only offer consumers the best products, but also give a fillip to the ecosystem that provides the necessary ingredients for creating such world-class products.”  

Myntra and Flipkart continuously endeavor to build a portfolio of products that cater to the dynamic needs of consumers across the country, with products made for India, by India. The latest to this portfolio is Taavi’s personal care range which is dermatologically-tested to ensure safety, and is developed using plant-based extracts and no harmful chemicals. Launched in 2018, Taavi has been working with local artisans from multiple states across the country, either directly or through NGOs. It is currently associated with 8 NGOs, supporting more than 15,000 artisans. With an average selling price of INR 1,200 – 1,400, the brand provides over 800 options in apparel and footwear, for both men and women. Major attractions in the women’s range include hand block prints and handloom fabric garments, such as kurtas, dresses, skirts, salwar-kameez-dupatta and tops, while the men’s range includes shirts and kurtas. The brand is also looking at venturing into Bags, Home and Sarees in 2021.

View Taavi’s latest Skin and Haircare products here:

Flipkart: https://www.flipkart.com/taavi-brand-store (App and m-site only).

Myntra: https://www.myntra.com/taavi-personal-care

Flipkart Group and Arvind Fashions Strengthen

Flipkart Group and Arvind Fashions Strengthen Partnership

Focus on addressing the needs of the fashion-conscious Indian youth

The Flipkart Group and Arvind Fashions (AFL) today strengthened their partnership, through an investment of INR 260 crore by the Flipkart Group to purchase a significant minority stake in AFL's recently formed subsidiary Arvind Youth Brands which owns the Flying Machine brand. This investment builds on the long-standing engagement between the two organizations that have been working together for several years to address the demands and needs of the fashion-conscious youth in India.

An iconic Indian brand with a 40-year legacy, Flying Machine has been retailing on the Flipkart Group platforms of Flipkart and Myntra for more than six years. A denim-first brand, Flying Machine is amongst the leading denim brands in India. With its brand legacy, design sensibilities and youth appeal, the brand is seen as a strong style partner across metros and smaller tier towns. Through this investment, the Flipkart Group and Arvind Fashions will work collaboratively to identify opportunities and synergies to innovate and develop products with strong value propositions at attractive price points.

Speaking on the investment, Kalyan Krishnamurthy, Chief Executive Officer, Flipkart Group, said, "Flying Machine is a brand that is known in households across India, popular with the youth and synonymous with value and style. Through this investment, we look forward to partnering with the team at Arvind Youth Brands to continue to grow the market for its portfolio of products and enhance the strong brand equity that has been built over the last few decades."

J. Suresh, Managing Director and Chief Executive Officer of Arvind Fashions, said, "The partnership with the Flipkart Group will help us accelerate our online growth strategy as we focus our efforts on developing an omni-channel retail approach for Arvind Youth Brands and Flying Machine. Given the strong existing relationship with the Flipkart Group, and their presence in online fashion, it was an obvious choice for us to enter into this engagement through which Flipkart and Myntra will be our preferred online partner for the Flying Machine brand, while we continue to grow our offline sales through channels like exclusive brand stores, department stores and multi-brand stores."

The transaction is subject to customary conditions precedent.

Metta Capital Advisors acted as the financial advisors to AFL for this transaction.

Flipkart Announces the Appointment of Sriram Venkataraman as

Flipkart Announces the Appointment of Sriram Venkataraman as Flipkart Commerce (Flipkart and Myntra) CFO

Company thanks Emily McNeal for her commitment and leadership as she transitions to pursue an external opportunity  

Flipkart, India’s homegrown e-commerce platform, today announced the appointment of Sriram Venkataraman as Chief Financial Officer (CFO) for Flipkart Commerce (Flipkart and Myntra). This appointment will be effective immediately. In his new role, Sriram will be responsible for key finance operations and functions at Flipkart and Myntra, including Tax, Risk Management and Treasury. He will also be responsible for Corporate Development at Flipkart, while Procurement, Planning and Analytics and Decision Sciences will continue to report to him.

Emily McNeal, who held the role of Flipkart Group CFO since September 2018, has decided to return to the US to pursue a career opportunity outside the Walmart Group. 

Speaking on this change, Kalyan Krishnamurthy, Chief Executive Officer, Flipkart Group, said, “We thank Emily for her leadership and guidance in strengthening the governance process and financial reporting at Flipkart post the Walmart investment. She has been instrumental in driving key investments that have enhanced our hyperlocal and fresh food capabilities, and has been a strong partner in our organisation’s Diversity and Inclusivity journey. 

“Sriram has consistently demonstrated his expertise managing several diverse functions at Flipkart and is well poised to take on the responsibilities as Flipkart Commerce CFO. I wish both Emily and Sriram the best for their future endeavors.”

Sriram will begin reporting to Chris Nicholas, Executive Vice President and CFO, Walmart International.

Dawn Marie Ptak, Vice President and Group Controller continues to be responsible for the Group controllership and the divisional controllership functions for Flipkart, Myntra and PhonePe reporting to the International Controller in Walmart International. Dawn will take on the responsibility of the Flipkart Group Corporate Level responsibilities for Tax, Treasury, Risk Management, Financial Planning and Analysis, and Internal Audits. 

Tablez brings international fashion brand DESIGUAL to India

To introduce Desigual online in India through Myntra

 Tablez, the leading organised retail group, is bringing to India the acclaimed Spanish fashion brand, Desigual. The brand was launched in 1984 in Barcelona with a very clear premise: “to dress people, not bodies”. The Desigual essence is characterised by its individuality and the unique character of its creations, which are always different and designed to authentically dress anyone who wants to be 100% themselves and show their most creative side. Desigual is Mediterranean, and this is where their inspiration comes from. This lifestyle is their language and it is conveyed through their designs, stores and communication. The brand believes in feeling comfortable in your skin, loving yourself, being present in the here and now, and feeling alive.

While Desigual will be introduced first in the online space through Myntra, Tablez plans to open its exclusive outlets across multiple locations in the country by 2020. The first phase of the brand’s expansion will see the opening of 6 stores in Metro cities, while the Tier-2 cities will have the brand introduction in the second phase.

Ahead of the online introduction, Adeeb Ahamed, Managing Director, Tablez, said, “At Tablez, it gives us immense pleasure to bring the international fashion brand Desigual to India. The brand’s clothing exudes a character that is unique, which helps people express themselves and be the most authentic. Desigual’s characteristic vibrant designs with a flamboyant splash of colours has a huge potential in the Indian market.”

“Desigual will be available online through our partner –– Myntra, which has a large e-consumer base. This will offer our Indian buyers an effortless accessibility to contemporary international fashion and trends. Exclusive Desigual outlets will launch in India in the first quarter of 2020, he added.

Jordi Balsells, VP of Asia Pacific, the Americas and CEEMEA said, "India is a market whose values are very similar to Desigual's. It's also a young market that is growing and displays great potential. We believe very strongly in India's potential in the coming years”.

Desigual enables a bold and beautiful fashion statement, with its unique designs and bright hues, sure to be a popular hit with the Indian fashion palate. The brand offers clothing for women, men, and children segments –– as well as a collection of unique accessories. Desigual is present in nearly 90 countries through 10 sales channels, over 500 branded stores and six product categories: Woman, Man, Kids, Accessories, Shoes and Sport.