Arun Sirdeshmukh quits Reliance Trends.
Arun Sirdeshmukh, the Chief Executive of clothing retailer, Reliance Trends, has put down his papers to venture as a fashion e-retailer. He now becomes a part of the ever expanding e-retail segment.
Sirdeshmukh has been a helping hand in building brands including Louis Philippe, Van Heusen and Allen Solly for Madura Garments and co-founded Indus League Clothing, which was acquired by the Future Group in 2005.
Though fund raising still remains behind closed doors, according to reports, Sirdeshmukh is in talks with venture capitalists Lightspeed and Helion.
Sirdeshmukh's online rivals will include Pepperfry, owned by Ambareesh Murty, former Country Manager of eBay India, Philippines and Malaysia; FreeCultr of Sujal Shah, previously Vice President and Head of Fashion at IMG India; and, Zovi, co-founded by Sartaj Mehta, Product Director of Benetton India.
According to a recent report published by Franchise India, ''Indian e-Retail Report 2012'', India's e-commerce market is expected to grow from $10 billion in 2011 to $200 billion by 2020. Furthermore, nearly $ 350 mn has been pumped into 40 e-commerce startups till the end 2011 compared to $ 43 million in 11 companies in 2009.