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From Slikk To NEWME: Why Quick Fashion Is Hot Right Now
- Quick fashion platforms like Slikk, Blip, KNOT, and NEWME are on the rise in India, gaining momentum and funding to challenge established players like Myntra and AJIO.
- These platforms are targeting quick deliveries in the fashion space, with startups like Slikk and NEWME offering 30-minute deliveries and new services like NEWME Zip providing styles in under 60 minutes.
- Investors have shown interest in the quick fashion trend, with Slikk raising $10 Mn recently and planning to expand into lifestyle categories like beauty and personal care.
- However, the sustainability and market demand for premium brands in quick fashion remain uncertain, as established players have already invested heavily in infrastructure and high AOV categories.
- The quick fashion rush is compared to the hyperlocal wave of 2015, raising questions on whether these platforms will be acquisition plays for larger players in the future.
- Additionally, the alignment of quick fashion with sustainable practices and the growing awareness of fast fashion's environmental impact pose challenges to its long-term success.
- Amid the quick fashion trend, VCs remain active in various sectors, and the future of quick commerce could extend beyond fashion to areas like baby care.
- In the latest news roundup, startup funding in India saw a slight decline, with notable deals including Nestlé's investment in Drools and Razorpay's tax payment for its reverse flip to India.
- Other highlights included JFS receiving approval for its joint venture with BlackRock and OYO seeking public suggestions for its parent company's rebranding ahead of an IPO.
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