Myntra is now shifting gears to hit the one billion sales target and the brand is adopting new strategy to achieve its goal. As per the recent happening in the company, the brand is planning to launch its first store within three months. This step is marked as the new strategy by Myntra to boost its sales which recently has been a big concern for the company.
Recently, company has been bringing many twists in its business model and also brought back its desktop website after seeing a big decline in sales. Informing about the company’s new strategy, Ananth Narayanan, CEO, Myntra stated that company is exploring omni-channel. It will be able to create a physical store in the next three months. Brand plans to launch omni-channel with our private brands — Roadster, HRX and All About You. The first store may open in Bengaluru or New Delhi and the company was also exploring the prospect of tying up with brands to use their stores for services such as returns.
The company is targeting strong growth in new segments such as home furnishing. In just three months, home furnishing is about one per cent of the revenue and it's growing at 50-60 per cent month-over-month. Myntra is looking at getting about five per cent of our revenue from home furnishing, added Narayanan.
Apart from launching its store, Myntra is also working on relaunching its personal care business and also looking to expand its ales of fine jewellery.
With fine jewellery, there is a question of security; expanding the number of pincodes will help the company to closely monitor the entire process and will also ensure that the gold jewellery being returned after 10 days is the same. These will need technology solutions, says Narayanan.