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