New Delhi: Myntra is all set to enter into multi-brand brick-and-mortar retailing. The online fashion retailer is also looking for large spaces in malls and high streets across top cities so as to sell beauty and cosmetics products under Myntra Beauty brand offline.
According to Ananth Narayanan, Chief Executive of Myntra-Jabong, which is owned by Flipkart, said that the company will sign up franchisees to run the beauty and cosmetics outlets.
He further added, “We have achieved growth at 400 per cent YoY basis through the beauty and personal care segment. It is one of the fastest growing segments for us. As of now, we have more than 250 leading makeup, skin care, bath and body, perfumes and beauty appliances brand.”
As per the information revealed by the sources, Myntra Beauty, the offline brand of online fashion retailer, will be based on the model of LVMH-owned international chain Sephora. It will be focusing on 3,000 to 4,000 square feet of area. It has also been revealed that the first store might come up in Bengaluru where the company is based either by end of this year or early next year.
The competition of Myntra Beauty will be with other giants like Sephora, Colorbar, Bobbi Brown, Body Shop, L’Oreal and Nykaa in the cosmetics market of India which is estimated at around $6.5 billion.
As per the report of RedSeer Consulting, the cosmetics market is witnessing a growth of around 25 per cent per year and it is expected that it would touch $20 billion annual sales by 2025.
Notably, for the first time, the brand name Myntra will be used for any physical store and with this entry, this will be the third entry of online fashion retailer in brick-and-mortar retailing after Roadster and operating franchisee outlets of Spain’s Mango brand.
It is also been said that the online fashion retailer is looking to open stores in malls with Esprit, Hong Kong-based fashion brand. It should be noted that the company entered into a franchisee agreement with Esprit last year. More than 100 beauty and cosmetics brand are been sold on the e-commerce platform of Myntra which includes brands like MAC, Clinique, Bobbi Brown and Estee Lauder.
Entry of online retailers and e-commerce companies into brick-and-mortar retail is not new as several renowned online brands like Zivame – a lingerie brand, Urban Ladder & Pepperfry – furniture sellers, LensKart – Eyewear Company and Nykaa – cosmetic retailer, have already opened their physical stores with their brand names.