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Myntra Boosts Overseas Fashion Play With UK’s NEXT
Inc42
·
1y ago
Medial
Indian e-commerce giant, Myntra, has acquired franchise rights for UK fashion brand NEXT as part of its international expansion. Myntra plans to open 8-10 NEXT stores in cities such as Delhi, Mumbai, and Bengaluru, as well as offer NEXT products on its own e-commerce platform. Additionally, Myntra's wholesale business will open branded stores for NEXT in India, enabling the UK brand to tap into the Indian market and distribute its products. Myntra aims to strengthen its customer base by strategically building NEXT's omnichannel presence in the country.
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Related News
Myntra gets India franchise rights for UK-based fashion retailer NEXT
IndianStartupNews
·
1y ago
Medial
India's e-commerce giant Myntra has obtained the franchise rights for the UK fashion brand NEXT, enabling them to expand their presence in Asia. The partnership seeks to tap into the growing Indian market by offering a wide range of apparel for men, women, and children through physical stores and online platforms. Myntra plans to initially launch 8-10 NEXT stores in major Indian cities, along with a strong online presence. In addition to NEXT, Myntra will also introduce other brands owned by NEXT, expanding their internationally licensed brand portfolio.
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Myntra appoints Shoppers Stop's Venu Nair as chief of strategic partnerships and omnichannel
Economic Times
·
1y ago
Medial
Fashion platform Myntra has appointed Venu Nair as its new chief of strategic partnerships and omnichannel. Nair joins Myntra from Shoppers Stop, where he served as the managing director and CEO. In his new role, Nair will be responsible for managing international brands and forging strategic partnerships with global brands at Myntra. He will also oversee the omnichannel strategy for brands. The appointment comes as Myntra aims to expand its range of brands and strengthen its position in the fashion ecommerce market.
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Myntra clocked $3.9-bn in gross sales in 2023 | The Arc
The Arc Web
·
1y ago
Medial
Myntra, the fashion platform owned by Flipkart, has achieved gross sales of approximately $3.9 billion in 2023, surpassing its major competitor Ajio, owned by Reliance, which achieved over $2 billion in gross sales. Myntra plans to focus on non-apparel segments, such as beauty and international brands, but faces growing competition from Nykaa Fashion. Competition in the online fashion market is intensifying, as players like Reliance and Tata aim to gain market share. Myntra has made strategic changes, including partnering with direct-to-consumer and luxury brands, resulting in increased market share and profitability.
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Myntra appoints Amit Mahajan as VP of GenZ fashion vertical Fwd
Economic Times
·
12m ago
Medial
Myntra, the fashion platform owned by Flipkart, has hired Amit Mahajan as the vice president of Fwd, its fashion discovery portal for Gen Z consumers. Mahajan will focus on developing innovative merchandising approaches and expanding Fwd's product range. This appointment aligns with Myntra's strategy of targeting Gen Z consumers, which several brands, particularly in the direct-to-consumer segment, are adopting. A report by Bain & Company and Myntra estimates that fashion-forward digital natives contribute $4 billion to the e-lifestyle market. Myntra has been gaining market share and ended 2023 with a user base of 40 million.
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Myntra secures Rs 1,063 crore funding from Singapore-based parent entity
Economic Times
·
2m ago
Medial
Online fashion retailer Myntra secured Rs 1,062.5 crore in funding from FK Myntra Holdings. The funding comes as Myntra expands to Singapore with its new platform, Myntra Global, offering Made-in-India brands. Despite facing competition from players like Shein, Myntra recently turned profitable, reporting a net profit of Rs 31 crore for FY2024. Additionally, Myntra is entering the rapid delivery space with M-Now to compete with quick commerce platforms like Zepto and Swiggy Instamart.
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Fashion giant Myntra records 60 Mn monthly users during festive season
Inc42
·
1y ago
Medial
Fashion ecommerce major Myntra recorded 60 million monthly active users during the festive season, with a growth of 100% YoY in its loyal customer base in the past 18 months. The Gen Z fashion segment witnessed a surge in demand and a 175% YoY growth in customers. Myntra aims to attract 10 million Gen Z users and exceed 100,000 styles on its app-in-app feature, FWD, by 2023. The company achieved a 70% YoY growth in its direct-to-consumer space and introduced AI-led features. Myntra faced competition from Ajio, Tata CliQ, and Nykaa Fashion.
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Myntra secures $54 million fund infusion from parent Flipkart
Economic Times
·
1y ago
Medial
Flipkart-owned online fashion platform Myntra has received a $54 million investment from Flipkart, its second investment in a year. Myntra has been facing stiff competition from rivals such as Ajio and Tata Cliq. The company has been focusing on expanding its portfolio of international brands, with premium offerings showing strong growth. However, a research note by Bernstein revealed that while Myntra has a 55% market share in the fashion e-commerce segment, users on its app are not transacting as much as before. Flipkart's investment in Myntra comes after parent company Walmart committed $600 million to Flipkart.
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Simpl Partners With Myntra To Offer 1-Tap Checkout During The Festive Season
OutlookIndia
·
1y ago
Medial
Fintech company Simpl has joined forces with fashion e-tailer Myntra to introduce its 1-tap checkout feature to Myntra's customers. This partnership aims to enhance the checkout experience for Myntra's customers and improve conversion rates for merchants. Simpl's 1-Tap pay feature will be available during the Myntra Big Fashion Festival, offering a seamless and convenient checkout process. This collaboration reflects the growing demand for convenience, particularly among Gen Z and millennial shoppers in the online fashion category.
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Myntra’s Marketplace Entity Turns EBITDA Positive In Q4 2023
Inc42
·
1y ago
Medial
Fashion ecommerce platform Myntra, owned by Flipkart, saw its net loss increase over 30% YoY to INR 782.4 crore ($105.9 million) in FY23, while operating revenue rose 25% to INR 4,375.3 crore ($588.9 million). Myntra's marketplace entity turned EBITDA positive since Q4 of CY23. The company witnessed a 33% surge in monthly active users, reaching 60 million at the end of 2023. Myntra aims to expand into non-metro cities, cater to GenZs, and increase its share of non-apparel segments. Myntra also reported growth in D2C, beauty, and home categories, as well as partnerships with international brands and the acquisition of the franchise rights for UK's NEXT.
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Myntra brings quick delivery to online fashion, launches 30-minute service
Economic Times
·
8m ago
Medial
Myntra, India's leading online fashion retailer, has launched a 30-minute delivery service called M-Now in Bengaluru. The company plans to expand this service to other cities in the near future. M-Now will deliver fashion, beauty products, and accessories using dark stores and retail stores. Myntra aims to increase the number of SKU offerings for quick delivery to over 100,000 within a few months. The move comes as Myntra aims to tap into the growing demand for quick commerce in the fashion industry. Other players in the market, such as Instamart and Blinkit, are also in talks with apparel and footwear manufacturers for quick delivery services.
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