Sagar Malviya, The Economic Times Mumbai, 15 December 2015 Lifestyle online retailer Jabong crossed the Rs1,000 crore sales mark in the year to March, doubling its revenue from a year ago but deep discounting has led to a nearly threefold increase in the net loss. Xerion Retail, which runs Jabong, posted a loss of Rs 43.6 crore on sales of Rs 1082.9 crore, as per a Registrar of Companies filing. A year ago, it had sales of Rs527 crore with a net loss of Rs16.6 crore. Sales of the company, incorporated four years ago, amount to a third that of…
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Bindu D. Menon, The Hindu Businessline Mumbai, 10 December 2015 Brands riding on Bollywood heartthrob Salman Khan are heaving a sigh of relief with the Bombay High Court overturning his conviction for a 2002 hit-and-run case. Brand watchers point out that the verdict will only increase his standing among brand owners. In May, a lower court had convicted Khan of culpable homicide and sentenced him to five years in jail for driving over and killing a man sleeping on a pavement. But the appeals judge ruled there was not enough evidence. Khan tweeted that he accepted the ruling with ‘humility’.…
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Richa Maheshwari, The Economic Times Bengaluru, 8 December 2015 Mobile application-only fashion retailer Myntra has tentative plans to roll out offline experience zones in the next 12-18 months, its chief executive Ananth Narayanan said. "We don't have any immediate plans, but I think next year we will do it. This is something we are debating on," said Narayanan. With this development, Myntra will be joining e-commerce companies such as its parent Flipkart, Zivame, Pepperfry and Firstcry which are opening such stores to provide customers with a touch-and-feel experience of products as part of a strategy to stand out among fast…
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Sagar Malviya, The Economic Times Mumbai, 27 November 2015 Revenue from online ticketing on Indian Railway Catering and Tourism Corp crossed the Rs 20,000-crore mark during the year to March 2015, nearly double the turnover of India's largest online retailer Flipkart. IRCTC generated Rs 20,620 crore, or nearly $3 billion, through online ticket sales in the last financial year, up 34 per cent from a year ago when it sold tickets worth Rs 15,410 crore. But unlike loss-making marketplaces, IRCTC posted profit after tax of Rs 130 crore, up from Rs 72 crore in the previous year. "Bulk of the…
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Richa Maheshwari, The Economic Times Bengaluru, 20 November 2015 Four years ago, about 500 out of 600 operational handloom silk weavers in Katoria village of Banka district in Bihar had shut shops amid a demand slump and dwindling profits. "It was an exceptionally bad year for us. Many left for Mumbai to look for jobs and youngsters were not keen on taking forward the legacy," recalls Mohammad Izzaz, a weaver whose family too had stopped making Banka silk a year later. That was then. Today, Izzaz and several other handloom artisans in his village are back in action, weaving Banka…
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