Myntra to provide technical and financial support to 10 small brands
Myntra to provide technical and financial support to 10 small brands

Myntra, one of the country's largest fashion ecommerce company, has revived an incubation programme aimed at providing 10 small brands with technical, design and financial support, targeting about USD500 million worth of business from them in the next five years. The online retailer had nurtured about a dozen startups in 2014 as part of a programme then known as the Myntra Fashion Incubator.

Ananth Narayanan, Chief Executive Officer, Myntra, said, "We had never shelved it but it sort of tapered off. We are happy to partner with them like we did for HRX. We are happy to buy into them, handhold them, give them ideas on designs."

HRX was started in 2012 by Bollywood star Hrithik Roshan and was exclusively licensed to Myntra in 2013. In 2016, Myntra acquired a 51% stake in HRX for an undisclosed amount. Roshan and co-promoter Exceed Entertainment currently hold a 49% stake in HRX. Narayanan said a Myntra team of more than 40 designers and the company’s rich consumer data would help small brands scale up their businesses.

In an interview he said, "We know what consumer preferences are and we are able to translate into better designs. Therefore, the design success rate is much higher. We supply to 19,000 pin-codes the day we launch the brand."

Such incubated brands can also be sold on Jabong. com, a Gurgaon-based online fashion retailer that Myntra acquired for USD 70 million in July. Myntra, which is owned by Flipkart, plans to achieve an operating profit for both itself and Jabong by December 2017, Narayanan said.

It sells more than 2,000 fashion and lifestyle local and global brands including Nike, Adidas, Puma, Levi's, Wrangler, Diesel, CAT, Harley-Davidson, Ferrari, Timberland, US Polo, FabIndia and Biba.

 
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