Myntra, the poster boy of Indian online e-commerce firm is gleaning the headlines again over the newspapers for bringing a new offline store for one of its private services. Going by the reports, it will come into effect before the end of this year with a view to boosting its run-of-the agenda for private labels. As the India’s most auspicious festival Diwali is around the corner, when the sequence of purchasing new accessories, appliances and other products are usually on the peak, the company may introduce this new store near the festive season.
Mr Ananth Narayana, Chief Executive Officer at Myntra has conveyed in an interview with a media source that the firm is currently planning to add some more numbers in its private labels, especially ethnic wear. Besides, it will introduce some of these levels on another renowned e-commerce brand Jabong, which has been acquired by Flipkart in July this year for $70. One must recall that Myntra has also been obtained by Flipkart in 2014 for about 2,000 crores.
“I think on the private brand’s side, we’re going to do two different things—we’re going to scale all of our brands, especially our ethnic collection. The other thing we will do is start selling these some labels on Jabong, which I think will help our brands. I think with some of our brands you can expect to see offline stores because we’re starting to actually get them to be real brands.”
Myntra has been in the online business market for quite a long time and also dealing with private labels for good. At present, the firm has claimed to be merged with private labels like HRX, Roadster, Anouk and Dressberry. The reason behind this idea is the huge combat between top online retailers Amazon and Flipkart that are currently locking the horns of each other in terms of events – the Great Indian Festival and the Big Billion Days sale respectively.
“Several of our exclusive brands are all going to go on discount for the first time this festive season. The real thing is that the selection that Myntra has is dramatically different from others. Even if you look at a brand such as Puma which everybody has, the selection that is available on Myntra is very different from that of Amazon. So, I think we’re going to differentiate on selection, not discounts,” Narayana added further.
Besides, a year after going app only model, Myntra also revived on the desktop website version back on June 1 to bring back its valuable customers. With all these new enhancements, the company is expecting a jump over its sales by 90 percent and that’s another reason for bounding with Flipkart. Moreover, now Dipanjan Basu, former Wipro veteran is the new chief finance officer of Myntra taking the position of Prabhakar Sunder after six month of abrupt departure. Read more startup news.