A naukri.com initiative
Inc42
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How Kunal Shah-Backed Mainstreet Hung Up Its Shoes
- Mainstreet Marketplace, once a rising star in India’s sneaker and streetwear scene, faces a crisis with closures in Delhi.
- Started as a YouTube channel by Vedant Lamba, it grew into a major player in the 'hype-drop' economy.
- Warehouse visited had zero stock, indicating severe operational challenges.
- Facing cash flow problems, Mainstreet shifted its warehouse to Mumbai.
- Heavy marketing spending post-funding led to financial strain and unsustainable practices, like high salaries and rent overpayments.
- Global sneaker industry slowdown and Mainstreet's business model issues contributed to its downfall.
- Problems with resellers not being paid led to delayed orders and damaged reputation.
- Refund issues, delayed deliveries, and poor customer communication raised concerns among consumers.
- Mainstreet plans to clear order backlogs through a new revenue-generating B2B studio business.
- Indian sneaker reselling scene faces challenges with declining exclusivity and authenticity concerns.
- The future of platforms like Mainstreet remains uncertain as the sneaker market evolves.
- Mainstreet's journey illustrates the changing dynamics of the sneaker industry.
- Inc42 couldn't verify the actual debt on Mainstreet regarding dues to resellers and customers, hindering clarity on the startup's financial situation.
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