Myntra In Talks To Expand Fashion Brands To South East Asia, Europe
Myntra is holding discussions to take its fashion brands to international markets, such as the Southeast Asia and Europe, its chief executive said on Thursday.
The Flipkart Group firm has also announced its foray into the Middle East with its partnerships with e-commerce platforms, noon.com and namshi.com. Both Noon and Namshi are part of Emaar Group, a conglomerate located in the United Arab Emirates.
"We (Myntra) launched on Walmart Canada last year, and the idea was to understand the international market and how ready we are for that market,” Amar Nagaram, chief executive officer at Myntra, told the Press Trust of India. “It also gave us exposure to international fashion trends.” He said Myntra focused on markets that are similar to India, in terms of mobile internet and e-commerce penetration and Indian-origin population, and then narrowed down to the Middle East market.
The company is now in advanced stages of discussions with a couple of partners for expansion into different regions of the world. "We are looking at Southeast Asia, we are also looking at Europe," Nagaram said.
According to the Myntra CEO, the coronavirus pandemic is a "variable in the equation" as it has influenced global fashion trends. "Today, everybody is working from home, so it's about more of leisure, comfort wear which is not nightwear...we have brands and serve a particular target segment in India and we are looking at markets that also carry these demographics,” he said.
Middle East Push
Noon is a horizontal e-commerce platform with offerings in multiple categories and will offer Myntra's Dressberry, Mast & Harbour, Moda Rapido, Here & Now, Sztori and HRX brands. Namshi, which focuses primarily on premium fashion, will list Dressberry, Mast & Harbour, Wrogn and HRX over the next few weeks.
These brands and styles were chosen based on regional trends and preferences, said Nagaram. "We are looking at a 5X growth from these partnerships over the next two years. This will allow us to offer Indian origin brands to millions of shoppers overseas, including Indian natives in the region.” Over 75% of the styles being exported by Myntra to these markets are developed in India, he said.