Myntra (Image: Company website)
Online fashion retailer Myntra will soon open brick-and-mortar stores under the Myntra Beauty brand to compete with cosmetics retailers such as Nykaa, Sephora, Body Shop, and L'Oreal, The Economic Times reported.
The Flipkart-owned company is looking for large spaces in malls and high-street shopping areas to open these stores, sources told the paper.
Myntra will get franchisees to run the outlets, Myntra-Jabong Chief Executive Officer Ananth Narayanan was quoted as saying.
"Beauty and personal care is a fast growing segment for us which has been growing at 400 percent year-on-year. Today we have over 250 leading brands across make up, skin care, bath and body, perfumes and beauty appliances," Narayanan told the news daily.
Moneycontrol could not independently verify the news.
This will be Myntra's third brick-and-mortar venture, but its first under the Myntra brand name.
The company has opened outlets of its private brand Roadster, and also operates franchisee outlets for Spanish brand Zara.
The first Myntra Beauty store will be opened in Bengaluru later this year or in early 2019, a source told the financial daily.
The outlets will be modelled on the French chain of stores Sephora, with the company looking at stores of around 3,000-4,000 square feet, the source said.
Online beauty and cosmetics products retailer Nykaa already has offline stores under its own brand name.
Other e-commerce companies with physical stores under their own brand names include Urban Ladder, Pepper Fry, Lenskart and Zivame.
Myntra is also reportedly looking for commercial spaces in malls to open franchisee stores of Hong Kong-based Esprit.