Myntra targets 25% of revenues from private-label brands

Sangeetha Chengappa Bengaluru | Updated on January 15, 2018

Ananth Narayanan, CEO, Myntra and Jabong, at the launch of Myntra’s first offline retail store in Bengaluru, on Thursday SOMASHEKAR GRN   -  SOMASHEKAR GRN

Ananth Narayanan, CEO, Myntra and Jabong, at the launch of the Myntra's first offline retail store, dedicated to brand Roadster at Indirinagar in Bengaluru on Thursday. – Photo: Somashekar G R N

Opens first physical retail store for ‘Roadster’, its top-selling brand, in Bengaluru

Fuelled by the success of ‘Roadster,’ its top-selling, outdoor lifestyle brand, Flipkart-owned fashion e-tailer Myntra expects to close FY2017 with 21 per cent of its revenues from its private-label brands.

Of its stable of 14 private-label brands, HRX by Hrithik Roshan is already a ₹120-crore brand; All About You and Moda Rapido have achieved a run rate of ₹50 crore each. A top executive of the company said private-label brands are expected to contribute 25 per cent of Myntra’s total sales in FY2018.

Launched in 2012, Roadster is Myntra’s fastest-growing brand, having created a record for achieving the fastest run rate of ₹500 crore in four years, and is well on its way to achieving a run rate of ₹1,000 crore by FY 2019.

In order to enhance the Roadster brand experience, Myntra, in association with one of its retail franchise partners, on Thursday launched the first physical retail store for Roadster on 100 Feet Road, a fashion high-street in Bengaluru.

A denim brand developed in-house, 70 per cent of the Roadster merchandise is targeted at men. Price points start at ₹699 and go up to ₹12,999, with an average selling price of ₹1,400.

Ananth Narayanan, CEO of Myntra and Jabong said: “The launch of the first physical store for Roadster is a milestone for Myntra, wherein we are trying to create an unparalleled Roadster brand experience with the innovative use of in-store technology that will engage customers on a different level altogether. Omni-channel has been a buzzword so far; as a leading market player in the fashion, lifestyle and e-commerce business, we believe it is our duty to shape it. This store is an experiment in omni-channel; we will take the learnings from the store over the next 6-12 months to our brand partners.”

Pointing out that fashion and technology come together in the store, Manohar Kamath, Head – Myntra Fashion Brands, said: “This is just Version 1.0 of what we plan to do. We will change the brick-and-mortar experience of customers, with every new version we introduce.” The store boasts of a ‘Virtual Reality Zone’ which takes customers through a virtual road trip through dramatic locales; a video wall with a multi-touch interface that showcases details of Roadster products, provides international trends and communicates the brand story; a ‘Selfie Corner’ to indulge oneself; multi-touch screens all along the store which provide data on trendy looks and Roadster catalogue; a ‘Scan & Go’ purchase mechanism that allows shoppers to add their favourites to the shopping cart on the Myntra App; billing anywhere in the store without having to go to the cashier’s desk, etc.

Myntra is not the first to offer such a brand experience. Van Heusen Style Studio, which unveiled its first digitally immersive store 15 months ago, not far away from the Roadster store, uses technology to address every shopper’s pain point of finding the appropriate fit, size and style best suited to his/her personality. A ‘Fit Scanner’ measures customer in 45 seconds to identify the right fit; a ‘Style Bar’ digital display helps match shopper’s personality to different looks; a 42 inch display offers ‘Look of the Day’, etc.

Published on March 16, 2017

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