Cocoblu Retail will take over the fashion, apparel and accessories business of Cloudtail –Amazon’s largest seller in India.
Cloudtail is going to shut down in about a month’s time. As per media reports, Amazon will not hold any equity in Cocoblu Retail.
Incorporated last October, Cocoblu Retail is a newly-floated e-commerce seller, a wholly-owned subsidiary of Delhi-based Rattan India Enterprises (RattanIndia Group), which in January received Rs. 350 crore fund infusion by the promoters.
The reports claim Cloudtail has communicated that Cocoblu Retail will handle the fashion business from April.
Notably, the business agreements are currently getting signed with the brands, following which billing will begin. Cloudtail will then transfer its complete fashion inventory to Cocoblu.
Anjali Rattan Nashier, Chairperson, Rattan India Enterprises said Cocoblu will lead the digital e-commerce foray of the group by partnering with large national and international brands as well as MSMEs across multiple categories to tap the e-commerce opportunity.
