Myntra To Expand Offline Expansion To 100 Stores In Two Years | #VentureCanvas

Bhumika Khatri | Inc42

Myntra To Expand Offline Expansion To 100 Stores In Two Years

Flipkart’s fashion subsidiary Myntra will soon expand its offline presence to 100 stores in the next two years.

In a report, ET quoted Ananth Narayanan, CEO at Myntra-Jabong as stating that the sales of Roadster–first Myntra offline store– have shot up after the offline expansion.

“This increase in sales have come from pin codes around the store and not from any other part of the city,” Narayanan said.

The report added that of the 100 stores, 50 will be Roadster stores, followed by HRX and Mango, among others. Earlier in December 2017, the company had announced the launch of its multi-brand offline stores where customers can see all the all the private labels that are available on its online platform.

WIth plans to close FY19 with GMV of $1.9Bn riding on the back of private labels and offline expansion.

Narayanan also emphasised that the company also eyes profitability.

The company is also in the process of integrating warehouse inventory with store inventory for its in-house brands as well as other brands to provide customers a seamless online-to-offline experience and boost sales.

Myntra: Online-To-Offline, Private Labels

At the same time, online fashion company has also continuously focused on its private labels over the last few years.

Myntra has also been planning to open offline beauty and wellness stores. The company at present sells more than 100 beauty and cosmetics brands, including MAC, Clinique, Bobbi Brown, and Estee Lauder. Myntra plans to sell these products via a chain of multi-brand physical stores.

As Inc42 had earlier reported, Myntra had cut back its losses in FY 17 by 25% to $96.06 Mn (INR 655 Cr) as against $120.7 Mn (INR 823 Cr) in the previous year as the focus on its private labels continues to drive results.

Myntra had posted a turnover of $314.6Mn (INR 2000 Cr) in the FY17, and also saw 100% growth in its accessories category for FY17 and had plans to achieve a YOY growth of 200% in the next fiscal.

In September 2017, Narayanan had announced that the private labels businesses,which includes brands Roadster, Dressberry, Anouk and HRX, have turned profitable and are generating revenues worth $25 Mn a month, shelling out an annual revenue of $300 Mn, which accounts for around 23% of its total revenue.

The online fashion company had also received a capital infusion of $63.68 Mn (INR 414 Cr) from Flipkart’s Singapore-based subsidiary FK Myntra Holdings. Earlier to this, Flipkart has infused $176 Mn in its fashion arm Myntra Jabong Private Limited.

The online fashion marketplace has been pegged at nearly $3.7 Bn during 2017, where along with Flipkart Fashion and Jabong forming a formidable team in the space. The major competitors of Myntra are its sister company – Jabong, Parent company – Flipkart, Amazon, Voonik, among others.

Alibaba-backed Paytm Mall, on the other hand, has already committed to spend $4.7 Mn (INR 32 Cr) for the expansion of O2O business.

With Indian ecommerce currently a market worth $200 Bn, Myntra continues to fly high in the fashion segment.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.

The post Myntra To Expand Offline Expansion To 100 Stores In Two Years appeared first on Inc42 Media.

Continue reading …

Source: Myntra To Expand Offline Expansion To 100 Stores In Two Years

Source link
Show More

Leave a Reply

Pin It on Pinterest

Share This

Share this post with your friends!