Reportedly Flipkart-owned online fashion retailer Myntra is scaling up its brand value by adding to its offering in the luxury segment. In the meantime it will now be selling designer sarees, lehengas, gowns and kurta sets from leading fashion designers like Ritu Kumar, Masaba Gupta, namrata Joshipura and Gopi Vaid. Furthermore, Myntra has entered into a strategic partnership with Pernia's Pop Up Shop, a luxury fashion retailer and owned by Purple Style Labs.
The overall product mix in women's dresses and garments is a great boost from Myntra. Currently, around 65% of revenues on the Myntra site are accounted for by apparel. Footwear and accessories are next, in that order and the site has recently added products focused on kids. Personal care is another product category. Within the apparel category, women's wear accounts for up to 35% of the sales and thus, it makes sense for the company to expand and move up the value chain.
Furthermore, the new luxury category may be as high as dress 1.5 lakh. Kindataka, maharashtra, uttar pradesh and NCR region figure on top of contributing to the orders of the Myntra site. Reportedly Myntra has similar tie-ups with brands like H&M, Under Armor and Dorothy Perkins. It has also added Spanish high-fashion brand Desigual. While these are international brands, there are plans to add to the indian brands as well. Moreover these may include Neerus, Jharonka by Craftsvilla, meena Bazaar and Tribes India. Another interesting fact is that Purple Style Labs is backed by Binny Bansal, one of the co-founders of flipkart, which owns Myntra.
