Myntra announced the launch of its multi-brand offline stores in December 2017, which allowed the customers to see all its private labels.
Leading e-commerce platform Myntra has announced its plan to launch about 100 offline stores in next two years across major cities. The launch is encouraged by the success of the brand’s first offline store Roadster. The Flipkart’s extended fashion portal is expecting to close the current fiscal year at $1.9 billion for its private labels and offline expansion. The Bengaluru based company’s new store provides hi-tech experience to its customers being just a year old.
Myntra’s CEO Ananth Narayanan stated that the online sale of ‘Roadster’ went up after the launch of its offline store. He added that sale increase came from the pin codes around the store and not from any other part of the city. Out of the 100 stores, 50 will be roadster stores which will be followed by Mango and HRX. In order to reduce the losses, Myntra has been focusing on its private labels in the past years. The company’s losses reduced in Fiscal Year 2017 by 25% at 655 crore.
The company is looking forward to profit and is in process of linking its warehouse inventory and store inventory for its private brands. The link will boost their sales and provide its customers an amazing offline-online experience. the company is also looking to open offline beauty and wellness stores in near future. It currently sells over 100 beauty and cosmetic brands and plans the sale of these products via multi brand offline stores.
Experts on the matter believe that setting up offline stores is the new growth prospect for online players. They add that this will help garner them more market share.