Myntra bags distribution and management rights for Mango, also looking to invest in 15-20 local brands
Myntra is making all the right noise to garner a major share in India’s fashion space, both offline and online. It has acquired master distribution and management rights for global fashion brand Mango, making it one of the first e-commerce players to take up omni-channel strategy for an international fashion player. As part of the deal, Myntra will curate and assist in setting up 25 Mango stores and list the brand exclusively on Myntra and Jabong platforms over the next five years, according to media reports.
Myntra CEO Ananth Narayanan expects this step to help triple Mango's India business over the next five years as he mentioned in an interview to PTI. Ever since Mango got itself listed on Myntra since 2014, it has reported that it witnessed a 100 per cent growth in business on the platform in the last three years.
This deal may help Myntra edge past other e-commerce majors and increase its market share in the online fashion segment.
The fashion portal is also exploring licensing partnerships this year to bring in international brands. Simultaneously, it’s reported to invest and forge tie-ups with at least 15-20 local fashion brands as part of its new Brand Accelerator program, launched last December. Selected brands will also be assisted with capital benefits to scale up their business. Myntra is betting big on this program as it aims to generate a valuation of about USD 500 million to USD 1 billion from these private brands over the next three years. The Brand Accelerator program was initiated with the intention to help local sellers who currently lack visibility and exposure. It is also looking to launch private brands.
An email sent to Myntra on this query didn’t elicit any response.
Last year, Myntra bought a majority stake in HRX, a clothing and shoes brand launched by actor Hrithik Roshan, from Exceed Entertainment.
Myntra is in a good place as it has witnessed a 100 per cent growth in the month of January with the highest-ever revenues of over Rs 850 crore (USD 126 million). The strong numbers will be a positive indicator for the company, which is chasing an annual revenue target of USD 2 billion by FY18.
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