In search of local brands in India, Myntra to launch fashion incubatorJune 26, 2014 214 0 0
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In an attempt to gain dominance over the ever growing online apparel category, Myntra a fashion e-tailer owned by Flipkart, the largest consumer focused e-commerce Company in India, is set to launch a fashion incubator.
The incubator will give a platform to fashion entrepreneurs and retail their products. The incubator will also pick up equity stakes in the best performing brands for up to a million dollars, after six months to a year. For this, Myntra will select at least 3-5 such brands annually and later, it will be retailed on other platforms as well (both online and offline). The first batch will get on board as many as 20 such entrepreneurs. The company has already roped in mentors that include fashion designers, entrepreneurs and successful names in the apparel industry to be a part of the programme for the first batch of the incubator, confirmed Abhishek Verma, business head at Myntra.
It is a first of its kind move by an Indian startup to gain dominance in the respective online industry. Mukesh Bansal, CEO, Myntra & SVP, Flipkart Fashion said having merged Myntra with Flipkart last month in a Rs 2,000 crore deal, with increased focus on private brands, the combined entity may also evaluate acquisitions going forward to shore up its fashion portfolio.
With discounts like 25% off on purchase of Rs 1599, additional 35% off on purchase of Rs 1999, flat 50% off on selected products, upto 50% off and extra 30% off on Puma products and many such offers, Myntra has been consistently been one of the favourites for the consumers in India who love buying fashion apparels online.