 "Go electronic to pay credit card bills")
The Aditya Birla Group will exit the fast-growing online fashion retail space in India after being unable to compete with the heavy discounting led models of rivals Flipkart and Amazon.
ABOF, the flagship portal of the $50 billion conglomerate will pull down its shutters by December 31, a little over two years after it began operations. Fueled by large doses of venture capital, its rivals have made the business of selling fashion online unsustainable.
“We don’t foresee any return on investments in the near future,” said Santrupt Mishra, Global HR Head at Aditya Birla Group in a phone interview. “It is still
