As announced late last year, Myntra is opening its physical store in Bangalore. The store is located in Indiranagar, and is spread over a vast area of 4,000 sq.ft. It is an exclusive store for Myntra’s brand Roadster. As promised, it will have a video wall that will showcasethe product catalogue and popular trends.
CEO Ananth Narayanan said,
“Roadster has witnessed phenomenal growth at over 80% YoY and is well on its way to achieving a run rate of 1000 crore by FY 19. Its entry into the offline segment will further boost its prospects. The idea is to create an integrated omnichannel experience and showcase the Roadster brand. We will also view this as an experiment to use the insights and experience gained from this setup and apply this to our other brand partners.”
The hi-tech store will allow shoppers to add items to a virtual cart, and have it sent to either their home or the store.
Myntra’s acquisition fashion etailer Jabong also features in the company’s plans. Both companies are planning an exchange of brands, said Gunjan Soni, head of Jabong and chief marketing officer at Myntra,
“We will be launching Myntra brands such as Dressberry, Roadster, HRX, and Mast & Harbour among others. We are also looking to revive some of the exclusive private labels of Jabong such as Sangria and Miss Bennett London. Myntra logistics will also be one of the partners for Jabong which already uses Ekart for shipping.”
Myntra has recently won exclusive rights to sell international brand Mango. The company is planning to open physical stores for Mango shortly. Ananya Tripathi, head of the company’s strategy and planning confirmed this,
“We plan to scale up the offline stores for Mango post July.”
The omni-channel route is slowly becoming everyone’s favourite. Urban Ladder is getting there by the end of the year, Yepme will be doing so shortly, and Flipkart is also thinking about it. Online sellers and experts agree that an omni-channel approach has multiple benefits, including greater conversion and reaching more customers. Apart from that, sellers also get a better understanding of their customers and it gives a push to sales.
Myntra has announced that it will be turning profitable by 2018. Things are looking good for Jabong too. Hopefully the companies’ good fortunes will trickle down to the sellers too.
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