E-tailer Myntra has signed on two upcoming brands – Chemistry and AKS – for its startup accelerator program. Through this program, the company has forged a strategic partnership with local fashion brands.
The aim of the program is to create about USD 1 billion in incremental valuation for the Myntra Accelerated brands over the next three years, the company said in a statement.
“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 brands to propel them to the national stage,” said Ananth Narayanan, CEO, Myntra-Jabong.
“We look forward to working with the best of Indian entrepreneurial talent in the brand building space,” Narayanan added.
Chemistry has a reach of about half a million customers at present and it expects to take it to 3 million customers in the next three years.
“Our association with Myntra opens up a new world of opportunities for us in terms of reach, visibility and volumes through the online channel,” said Sunil Jhangiani, CEO Chemistry.
AKS which boasts of achieving a USD 6 million annual GMV in last 3 years, expects to witness a growth of 10X over the next 3 years under the accelerator.
“An online-first approach ensures that brands scale much faster and at better economies compared to an offline model,” said Nidhi Yadav, Founder, AKS.
The program is looking to sign 10-15 local brands and is designed to accelerate their growth through technical know-how, analytics and branding support from Myntra.
“Through this program, Myntra will help its partners to build their brand online and also leverage data from the 18 million monthly active users to get insights on customer behaviour and product assortments,” Yadav added.