Myntra signed an agreement last month with Noon and fashion portal Namshi to launch Myntra Fashion Brands in the UAE market
Walmart-owned Indian fashion and apparel online platform Myntra is eyeing further expansion in the GCC market, after it entered partnership with UAE-based e-commerce giants Noon and Namshi, a senior official of the company said.
“Depending on the outcomes of our recent associations (in the UAE) and the overall sentiment of markets, we would be keen to explore every market [in the GCC region] with similar demographics and opportunities,” Amar Nagaram, CEO, Myntra, told Arabian Business.
“The timeframe depends on multiple factors, including having the right partners, an agreement on the terms and legal aspects,” he added.
Myntra signed an agreement last month with e-commerce portal Noon and fashion portal Namshi to launch Myntra Fashion Brands in the UAE market.
Under the partnership, Myntra’s private label brands Dressberry, Mast & Harbour, Moda Rapido, Here & Now, Sztori and HRX will be sold on Noon, while Dressberry, Mast & Harbour, Wrogn and HRX will be offered on the Namshi platform. Over 75% of the styles are developed in India, Myntra said.
As part of Myntra’s is international growth strategy – billed as ‘Local to Global’ – Nagaram said the company’s entry into the Middle East markets could provide a strong impetus to its next phase of growth.
“The Middle Eastern market has certainly stood out in terms of the audience’s demographic profile, extremely high mobile penetration, the similarity in fashion preferences and a large population of Indian origin,” the Myntra CEO said.
“We are open to launching more brands depending on customer needs and if the platforms want us to. We are focusing on casual wear categories, which form a major portion of the business in the Indian market.”
Nagaram said Myntra expects to see significant growth from the partnership over the next two years.
To achieve the growth plans, Nagaram said the company will look at “launching marketing campaigns to drive business and salience for our brands”.
“The marketing vehicles will be defined by the scale of the campaign, but we will look at leading with a digital-first approach,” he said.
Aside from the GCC market, some of the Southeast Asian and European markets are also on the radar of Myntra for its global expansion plans.
Myntra is part of the Indian e-commerce major Flipkart, which was acquired by Walmart in a $16 billion deal in May 2018.
Arabian Business. August 17, 2020