Myntra (Image: Company website)
Flipkart-owned Myntra has stepped foot into a new market and, this time, it is beyond India. The fashion e-commerce firm has entered the Middle East market and launched Myntra Fashion brands.
The company has partnered with the regional e-commerce platforms, noon.com and namshi.com to offer brands of Indian origin to millions of fashion-forward shoppers in the region.
Noon and Namshi are part of the Emaar group, a real estate development company in the UAE.
Myntra will be offering brands like Dressberry, Mast & Harbour, Moda Rapido, Here & Now, Sztori and HRX on Noon. As for Namshi, brands like Dressberry, Mast & Harbour, Wrogn and HRX, will be listed over the next few weeks.
For the new international market, Myntra is largely betting on casual wear categories, which form a major portion of the business in its domestic market.
This is also aligned with the latest trends indicating a recent shift towards T-shirts, comfort bottoms and activewear, prompting a focus on similar categories. This shift in trend is propelled by a considerable change in lifestyle, owing to the ongoing pandemic.
The shift in trend was visible in India during Myntra's End Of Reason Sale (EORS) this year that took place in June.
During the 12th edition of EORS, T-shirts were the most sought after in the men's products category and Myntra sold over 17 lakh units. Also, in the men's jeans and streetwear category, over 20 lakh units were sold.
Talking about going international, Amar Nagaram, CEO, Myntra, said that the brands and styles that have been chosen for Middle East, are based on regional trends and consumer preferences.
"Our research identified high levels of potential channels across the globe offering significant opportunities in the online fashion segment. Amid these, the Middle East stood out in terms of the audience’s demographic profile, extremely high mobile penetration, the similarity in fashion preferences and a large population of Indian origin," he added.
These aspects are making Myntra confident about the new market and this is why the company is aiming 5X growth in next two years from the new partnership in Middle East.