The Aditya Birla Group on 16 October 2015 launched a new online fashion store Abof.com with an aim to tap a boom in e-commerce. The portal www.abof.com will offer shoppers brands from both the Aditya Birla Group and other companies.
Abof (all about fashion) is a one-stop fashion portal for apparel, footwear and accessories for men and women. The new portal will be targeted at the young and have a curated collection focusing on quality and not give discounts.
This online fashion store Abof.com will compete with the likes of Myntra, a Flipkart unit, and Rocket Internet-backed Jabong. Abof.com will be privately held by Birla in his personal capacity.
This move came when the markets are observing a boom in the e-Commerce trends. The e-commerce sector is a sunrise sector from an investment point of view.
It is believed that e-commerce sales can touch 60 billion US dollars by 2020, driven by the manifold growth in smartphone users to more than 500 million.
By the end of 2015, fashionwear, including apparel and footwear, is expected to be the largest retail category online, with sales of 3.9 billion US dollars, bigger than sales of electronics and consumer durables online at 3.5 billion US dollars.
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Who: Aditya Birla Group
When: 16 October 2015