Flipkart announced it will invest $203.8m in Indian apparel conglomerate Aditya Birla Fashion in return for a 7.8% stake. Aditya Birla Fashion operates 3,000 stores in India and owns exclusive rights to Forever 21.
- The Indian e-commerce market is highly competitive. Walmart-owned Flipkart currently has 31.9% market share while Amazon has 31.2%
- Flipkart has invested heavily in the apparel market, as it acquired e-tailer Myntra in 2014 and invested $35m into Arvind fashion earlier this year to target the youth demographic.
- Apparel is the second largest e-commerce category in India after smartphones, worth $7b.