Sunday, December 22

Myntra Plans to Expand Offline Business Aiming 100 Stores

The popular Indian e-commerce company Myntra is now on board to accelerate its growth by increasing the number of its offline stores from 12 to 100 in the coming two years’ time with the aim to make its private label business stronger.

According to the reports, the fashion etailer will open 50 stores featuring its most selling and popular brand Roadster. Apart from this, the stores will also come up with brands like HRX and Mango, among others. Myntra already operates the franchise of the Mango label in India. The main purpose of expanding the offline presence is to strengthen the customer base for its brands.

Ananth Narayanan, CEO of Myntra said, “We are not opening stores because we want them to be big sales centers. It is a great way to do branding for us and to provide the touch-and-feel experience to consumers. In future, stores can also help us deliver products faster to (online) consumers.”

Narayan also claimed that Roadster is the fastest growing casual wear brand in the country, with 100% annualized growth.  Along with making its brands stronger, the company also aims to improve profitability with the help of its private labels and offline stores.

The CEO even stated that even after the launch of the 100th store, offline will comprise only about 5% of its business. Myntra’s private brand business is responsible for more than 25% of its earnings.

This week, it launched its second Roadster store in Bengaluru. Flipkart’s subsidiary Myntra has also been planning lately to start offline beauty and wellness stores. The company plans to sell these products through a chain of multi-brand physical stores.

The offline expansion of the etailer like various other e-commerce companies like Lenskart, Pepperfry, Urban Ladder and Firstcry among others, definitely seems to boost up its growth and overall development. The offline expansion is not only favorable to the company but also to many customers that believe in touch and feel purchasing. Myntra has goals to achieve a gross merchandise value (GMV) of $1.9 Billion by FY19 increasing from $1.2 Billion in the previous fiscal.