Myntra one of topnotch e-commerce players in the online fashion industry that is now going into offline retail space having caught the privileges to achieve brick-and-mortar orifices of Spanish fashion tag Mango in India plus special online privileges.
The Flipkart-possessed firm will achieve eight Mango channels from existing franchisees Major Brands and DLF Brands and achieve Omni-network approach of the international fashion brand.
“This will be in a fusion model between a sub-franchisee and retail achieved only by Myntra,” told Ananth Narayanan, CEO of Myntra and Jabong. “In the coming six months we will confirm the complete offline deal. The goal is to begin pre-Diwali,” he told while rejecting to unveil financial particulars of the deal. Shefali Singh, vice president — global business at Myntra, will forefront this enterprise. A senior company official told Myntra targets to open 25-30 Mango stores over the next five years.
You Might Also Like To Read Amazon will buy Aditya Birla Group's Food and Grocery Retail Chain ‘More’
Myntra has planned to construct an offline presence for its private brands, and a Roadster orifice is due to takeoff coming next month. The e-commerce major had prior ineffectively tried to obtain the store branch of US brand Forever 21, which it misplaced to Aditya Birla group. Mango, once an innovator of international women fashion in India after its access in 2001, lost out to race from Zara and H&M amongst major differences between the Spanish proprietors and local franchisees over development, brand picture, and store size. “When you have 18000 SKUs every year, the rational methodology is to use more space,” told.
The company will pay attention completely on women’s wear in the first two years and afterward even out men’s and kids class in the offline stores. By 2021, as much as 55% of Mango’s revenue in the country is anticipated to come from online sites of Myntra, Jabong, and Mango.com. Myntra will take-over India e-commerce procedures of Mango.com first next year.
At the present, it is power-driven by Mango global. HarminderSahni, the originator of retail consultancy company Wazir Advisors, told DLF isn't too willing to capitalize in these businesses to any further extent and wishes to pay attention only to Mothercare, the British brand with which it has a linkup in India.
“They (DLF Brands) are offering away brands. The associates feel that obviously now as the company is fetching emphasis back to real estate,” he told. DLF Brands had attained the franchise for Mango in 2011 with an arrangement to magnify and open new stores in India. At one time, DLF Brands had departed its joint ventures with Italian fashion communities Giorgio Armani and Salvatore Ferragamo.