Myntra to spend $20 billion by 2020 to become the largest online marketplace

Myntra.com is in advanced negotiations with premium US lifestyle products company Ralph Lauren for an online exclusive deal in India, according to sources.

The sources also revealed that an agreement is expected as early as this week or the next.

Another source said that the New York-based fashion house Ralph Lauren is looking to sign two different dealers for its products in India - one each for the online platform and brick-and-mortar stores.

The first store for the New York based fashion giant, which was founded 50 years ago, is likely to open at the Emporio in Chanakyapuri, located in New Delhi’s diplomatic enclave.

Back home in the US, Ralph Lauren is going through a rough patch and is closing outlets there and reducing its manpower as part of a turnaround plan.

Earlier this year, Myntra announced it is acquiring the India brick-and-mortar chain of Spain’s Mango that was run by two India franchisees.

The online fashion segment in the country is currently estimated at $2 billion, and may expand to $20 billion by 2020 to become the single largest online category surpassing consumer electronics.