India’s largest online marketplace Myntra is planning to soon enter the offline market space with the retailing of beauty and cosmetics products under Myntra Beauty brand. Soon after launching its first offline store for Roadster, the e-talier is now stepping ahead with its O2O (online to offline) business.
At present, the company sells more than 100 beauty and cosmetics brands on its online platform including MAC, Clinique, Bobbi Brown, and Estee Lauder. And now, these products will also be sold offline through a series of multi-brand physical stores.
“Beauty and personal care is a fast growing segment for us which has been growing at 400% year-on-year. Today we have over 250 leading brands across makeup, skin care, bath & body, perfumes and beauty appliances,” said Ananth Narayanan, chief executive at Myntra-Jabong.
It has also been stated that Myntra Beauty will be modeled on LVMH-owned global chain Sephora, and will give major focus on 3,000-4,000 square feet. The very first store is expected to be launched in Bengaluru. The plan is expected to be rolled out later this year or early next year.
Along with this, the e-talier is also looking for mall spaces to open stores of Hong Kong-based fashion brand Esprit. Myntra is putting great efforts for entering the country’s beauty and cosmetics market. It will compete with beauty and cosmetics retailers such as Sephora, Colorbar, Bobbi Brown, Lakme, Mac, Body Shop, L’Oreal, and Nykaa.
According to the reports, the beauty industry is expected to reach a market value of $12.4 billion (INR 80,000 Cr) by 2017-2018.