It is understood that the Ministry of Finance of India had previously announced that it would implement commodity and consumption tax (GST) nationwide from July 1, which prompted many brands and retailers to start to clean up inventory significantly and clean up the old goods before launching new products, including Amazon and Flipkart, two major e-commerce giants in India.
In mid-June, Amazon (India) and Indian e-commerce giant Flipkart conducted a wave of discount promotions on smartphones, and now the scope of the big promotions has expanded to the fashion category. This time, Flipkart will join its fashion e-commerce platform Myntra and Jabong and Amazon to join the clearance event.
It is reported that Amazon's promotions will last from June 23 to June 25, during which it will join forces with 1,500 fashion brands, and also conduct exclusive cooperation with 25 brands, including GAP, Under Armour, M&S, Michael Kors, etc. In addition, Amazon also said that it will open 12 pop-up stores in some Indian cities this weekend, such as Bangalore, Delhi and Mumbai.
Myntra is expected to launch a promotion from June 24 to 26, during which 1,800 brands will offer 50% to 80% discount. According to Ananth Narayanan, CEO of Myntra and Jabong, “Sales for this event are expected to increase by about 45% over the same period last year, and daily revenue will also increase by about 25 times.”
According to foreign media FashionNetWork, starting from July 1 this year, the GST Council decided that the clothing tax rate for costs of Rs 1,000 and below will be 5%, and the clothing tax rate for costs of more than Rs 1,000 will be 12%.
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