Fashion etailer Myntra today said it has bagged a master distribution and management rights for Spanish fashion brand Mango in India. This is the first time that an ecommerce player will manage the omni-channel strategy for a global fashion brand. No financial details of the deal were disclosed.
As part of the arrangement, Myntra will curate and facilitate setting up 25 Mango stores and list the brand exclusively on Myntra and Jabong platforms over the next five years. Mango has been working with Myntra since 2014, when the apparel brand listed on Myntra.
“We have seen 100 per cent growth in business on Myntra platform in the last 3 years and that has given us the confidence for this partnership,” Mango Vice-Chairman and Member of the Board of Directors Daniel Lopez told PTI.
He added that India does not feature among the company’s top markets as of now but this partnership will help change that.
“We will be responsible for managing Mangos omni-channel presence including Mango.com, offline stores in the country (8 of them currently) as well as adding new stores through sub-franchising. We will take the number of stores to 25 and these will be across the top cities in the country,” Myntra CEO Ananth Narayanan said.
He added that the company expects to help grow Mangos India business 3X over the next 5 years.
“Right now, Mango has about 20 per cent of its global product portfolio in India. This partnership will help Mango bring 100 per cent of its product lines — including mens and kids wear to the Indian market,” he said.
Mango has a network of 2,200 stores in 110 countries. The company, which owns the MANGO Woman, Man, Kids and Violeta (plus size) lines, closed 2015 with sales of 2.3 billion euros, up 15 per cent from the previous year. It had entered the Indian market in September 2001.
Source: India Today