Myntra aims at taking offline retail with its Private Label Brands
Roadster, one of the top selling brands of Myntra amongst a dozen of its private label products (PLP) has clocked a massive sales of 320 crore this year.BY Indian Retailer Bureau | Dec 21, 2015 | comments ( 0 ) |
At the time when many eCommerce players are running under the pressure to cut down their cash burns and turn in profits, Myntra, a mobile app-based fashion retailer is betting big on its in-house brands in order to scale its growth.
Roadster, one of the top selling brands of Myntra amongst a dozen of its private label products (PLP) has clocked massive sales this year. The brand has nabbed 320 crore so far and aims to become 650 crore brand by the end of 2016. Company’s other PLP such as HRX, All About You and Dressberry are among highest selling private band after Roadster.
Myntra, which was acquired by Flipkart last year, clocks over 700 crore sales from all of its private label products and claims to close the year at $550 million in gross merchandise value (GMV).
The private label strategy adopted by the Bengaluru-based app puts it into direct competition with traditional brick-and-mortar retailers such as Shoppers Stop, Lifestyle, Future Group and Spencer’s. eRetail majors such as Flipkart, Jabong etc. do not have such robust private label strategy.
Commenting on the same, Ananth Narayanan, CEO, Myntra said, “the firm is expecting to rake in as much as Rs 2,000 crore from its private brands at the end of 2016, a timeline by when Myntra plans to hit $1 billion (Rs 6,500 crore) in GMV.”
Myntra's offline rival Shoppers Stop currently garner over 17% from its leading private brands like Stop and Life and it aims to take the same to 20% by 2017.
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