India’s biggest e-retailer Flipkart will launch a new private label to take on the competition, report Darlington Jose Hector and PP Thimmaya in Bengaluru. Binny Bansal, CEO, Flipkart, said in an interview that private labels were not new to the company and were certainly a big focus area.
Bansal promised a good deal of action in this area over the next few weeks. The e-retailer currently owns five brands — Myntra, Jabong, Phonepe, Ekart and Flipkart. Rival Amazon has been talking of launching a private label.
Bansal said the company was well capitalised to invest and drive growth, adding that while there was a fair amount of interest from venture funds in the firm the focus currently was on execution. The retailer, he said, would endeavour to better customer experience even as his team focused on innovation.
“In the last seven to eight months, the focus has been on improving the end-to-end customer experience and building payments as a business for the future,” he said. “We have achieved faster delivery, innovated in terms of product quality and launched initiatives such as low cost EMIs.” Bansal added that Flipkart has been the first to come up with a UPI- based payment app.
He added that in the last 12 months the market had not grown at the pace witnessed in the previous four or five years though, of late, the momentum was coming back.