This move would certainly give Myntra a huge boost as it already has a significant share of dresses and women’s clothing in all product mix.
Myntra, the online fashion retailer owned by Flipkart, is increasing the value of its brand by adding the luxury segment to its offerings. It will now sell designer saris, lehengas, dresses and kurta sets from top fashion designers such as Ritu Kumar, Masaba Gupta, Namrata Joshipura and Gopi Vaid. Myntra has reached a strategic agreement Partnership with Pernia’s Pop Up Shop, a luxury fashion retailer owned by Purple Style Labs.
This move would certainly give Myntra a huge boost, as it already has a significant share of dresses and women’s clothing across product mix. Currently, around 65% of the Myntra site’s income is made from clothing. The shoes and accessories are as follows, in that order. The site recently added products focused on children. Personal care is another product category introduced. In the clothing category, women’s clothing accounts for up to 35% of sales. Thus, it makes sense for the company to expand this segment by moving up the value chain. The price of dresses of the new luxury category can reach 1.5 lakh. In terms of geographic reach within the country, states such as Karnataka, Maharashtra, Uttar Pradesh and the NCR region are leading and contributing to orders placed on the Myntra site.
Interestingly, Myntra executives say they see no signs of the country’s economy slowing or demand contracting, at least for the products sold on their platform.
According to Ayyappan Rajagopal, business manager at Myntra-Jabong, premium clothing revenues have tripled year over year. The number of searches for high-end clothing is four times higher.
Looking at the market, the estimated market value of clothes in the country is 1,500,000 crore. Myntra has identified premium clothing as the main contributor to the growth of its product offering. A combination of ethnic clothing and premium segmentation could increase its revenue in the years to come.
The current partnership with Purple Style Labs is not the first that Myntra has entered into. He has similar ties to brands like H&M, Under Armor, and Dorothy Perkins. He also recently added the Spanish haute couture brand Desigual. Although these are international brands, there are plans to add Indian brands as well. These can include Neerus, Jharonka from Craftsvilla, Meena Bazaar, and Tribes India.
Another interesting fact is that Purple Style Labs is backed by Binny Bansal, one of the co-founders of Flipkart, owner of Myntra.