Myntra, one of India's leading destination for fashion and lifestyle online, has announced the launch of its Accelerator Program. Through this initiative, Myntra is looking at forging strategic partnerships with about 10-15 local fashion brands that have a strong founding team and unique design sensibility. The program is designed to accelerate growth of these brands through technical, know how, analytics and brandingsupport from Myntra.
As a part of this program, Myntra has signed partnerships with two brands, Chemistry and AKS and has five more brands in the pipeline.
Ananth Narayanan, CEO, Myntra-Jabong, said, "We believe that the next 3-5 years will see the emergence of many new national brands. As the leaders in the fashion & lifestyle space in India, Myntra and Jabong are well positioned to work closely with some of these emerging brandsto propel them to the national stage. The brands will be able to leverage our core strengths –largest mass premium customer base and data driven insights on consumer, while also getting operational support. We are looking at creating about $1 billion incremental valuation for the Myntra Acceleratorbrands over the next 3 years.We look forward to working with the best of Indian entrepreneurial talent in the brand building space."
Sunil Jhangiani, CEO Chemistry said, "Being an offline brand with a strong foundation, our association with Myntra opens up a new world of opportunities for us in terms of reach, visibility and volumes through the online channel. Myntra’s expertise in building successful online brands over the years, backed by strong technological support will aid us in shaping the future of Chemistry and establishing it as one of the foremost fashion brands in the country. We expect the online sales to become 50% of the brand sales in 3-5 years."
Nidhi Yadav, Founder, AKS added, "As an online-first brand, we started small with a passion for design and identity. By associating with Myntra, we are taking the first major step towards creating a national brand. Myntra’s ability to build brands through digital marketing, capture and provideinsights on customer behavior and enable reach to 8 million+ women shoppers will be a game changer for our brand."