The well known E-commerce website brand Myntra is presently on a journey to quicken its development and business growth by expanding the quantity of its offline retail stores from 12 to 100 in the coming two years with the mean to make its private label business more stronger and visible.
As indicated by the reports, the fashion retailer will open 50 stores including its most offering and famous brand Roadster. Aside from this, the store will also come up with brands like HRX and Mango, among others. Myntra as of now works the establishment of the Mango label in India. The fundamental motivation behind growing the offline store business model is to reinforce the client base for its brands.
Ananth Narayanan, CEO of Myntra stated, “We are not opening stores since we need them to be big sales centers. It is an extraordinary method to do branding for us and to give the touch-and-feel understanding to buyers. In future, stores can likewise enable us to convey quicker to (online) customers.”
Narayan additionally guaranteed that Roadster is the quickest developing casual wear brand in the nation, with 100% annualized growth and development. Alongside making its brands more grounded, the organization additionally means to enhance gainfulness with the assistance of its private labels and offline stores.
The CEO even expressed that even after the dispatch of the 100th store, offline retail store will involve just around 5% of its business turnover. Myntra’s private brand business is responsible for more than 25% of its earnings.
This week, it propelled 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 retail format business model of the etailer like different other online business organizations like Lenskart, Pepperfry, Urban Ladder and Firstcry among others, certainly appears to support up its development and general improvement. The disconnected extension isn’t just positive to the organization yet additionally to numerous clients that have faith in touch and feel purchasing. Myntra has objectives to accomplish a gross merchandise value (GMV) of $1.9 Billion by FY19 expanding from $1.2 Billion in the last fiscal.