In­ter­na­tional brands to ac­count for 15 per cent of rev­enues: Myn­tra

Apparel - - MARKET WATCH -

On­line fash­ion re­tailer Myn­tra said it ex­pects in­ter­na­tional brands to ac­count for 15 per cent of its rev­enues in the next 12-18 months as it adds more global la­bels to its port­fo­lio.

The Flip­kart-owned com­pany, which cur­rently gets about five per cent of its rev­enues from in­ter­na­tional brands, has part­nered New York-based fash­ion house DKNY to bring its ap­parel and ac­ces­sories to In­dian con­sumers. “Myn­tra for­ayed into the pre­mium wear seg­ment in Novem­ber 2014 with brands such as Desigual, New Look, Furla, Mango, Su­perdry, Emporio Armani, L’oc­c­i­tane, to name a few, and is now rapidly ex­pand­ing this seg­ment,” Myn­tra said in a state­ment.

In­ter­na­tional brands cur­rently con­trib­ute around five per cent of Myn­tra’s to­tal rev­enue and are ex­pected to in­crease to 15 per cent in the next 12-18 months with NCR, Ben­galuru and Mum­bai wit­ness­ing the most ab­sorp­tion of in­vest­ment-grade shop­ping cen­tre space. The long-awaited new tex­tile pol­icy, which aims to cre­ate 35 mil­lion new jobs and boost ex­ports to over US$ 300 bil­lion an­nu­ally over the next decade, is likely to be launched soon, hope­fully within a cou­ple of months, said Mr Santosh Gang­war, Min­is­ter of State for Tex­tiles (IC), Govt. of In­dia. The Tex­tile Min­istry has also started the process of set­tle­ment of dues re­lated to old cases un­der the Tech­nol­ogy Upgra­da­tion Fund Scheme (TUFS). “The draft tex­tile pol­icy is ready and dis­cus­sions are on. We hope to place it be­fore the Union Cab­i­net in a month’s time,” Shri Gang­war told the me­dia af­ter in­au­gu­rat­ing the In­dia In­ter­na­tional Gar­ment Fair (IIGF) or­gan­ised by the Ap­parel Ex­port Pro­mo­tion Coun­cil. Shri Gang­war said that the tex­tile in­dus­try would greatly ben­e­fit from the amended TUFS, un­der which ap­parel, gar­ment and tech­ni­cal tex­tiles will get 15 per cent sub­sidy on cap­i­tal in­vest­ment, sub­ject to a ceil­ing of crore over a pe­riod of five years.

New tex­tile pol­icy to be sent for Cab­i­net nod in a month

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