Myntra Eyes Gobal Sales for its private label products on Walmart
After the US giant Walmart’s $16-billion investment, Flipkart’s fashion arm Myntra is looking to go global on the back of the Walmart-flipkart deal. Myntra is not looking to take its e-commerce platform outside but is planning to sell its private label products in Walmart stores overseas.
Myntra-jabong CEO Ananth Narayanan said that the company was targeting markets with large pockets of Indians. “The conversations (between Myntra and Walmart) have started. Those are around finding areas where we can accelerate together - whether it’s going global with Myntra or them taking our learnings from the omnichannel and supply chain,” the CEO said.
Narayanan said that his goal was to transform Myntra into a global brand in the next three years. He did not divulge how their private apparels are going to make it to Walmart stores in the US and beyond. He’s, however, looking at exporting in-house technology that uses artificial intelligence (AI) for its apparel designs. He said that even if they can’t take Myntra as a business to other places, they can take part of their business global. He said that this plan is not only for their private labels but also for brands like Rapid that are universally applicable.
While Myntra wants to take its largest brands such as Roadster abroad, its bets are on the celebrity-backed brands, including HRX endorsed by Hrithik Roshan and Deepika Padukone’s All About You. They are hoping that the huge fan following outside India will pull in customers.
Currently Myntra has 14 private brands of varying sizes from best-selling to small ones. Their private label business pulls in 25% of their revenues. Myntra expects the contribution to go up to 30% by the next fiscal year.
Apart from taking Myntra products to the global market, Walmart will also be instrumental in cutting better deals with global brands. Myntra has already tied up with global brands such as Mango and Espirit for licences to act as their master franchise partner across India. Eleven Mango stores have been set up through this partnership, while the first Espirit store will be functional in the next two months.
Narayanan said that global brands have started eyeing Myntra as their strategic partner to drive growth in India.