“This is shaping the future of the industry, along side offering deep and extensive data insights into the brands,” he adds.
In the past three months, Myntra
has on-boarded top-of-the-line brands such as Pantaloons, Max Fashion, Fabindia, and Bata. It has registered 80 per cent growth in new customer acquisition during the festival months, with over 85 per cent growth in traffic. This has offered brands the impetus to collaborate with Myntra and scale up their businesses, adds Nagaram.
For instance, German sportswear brand Puma grew 253 per cent on the Myntra platform during the festival season this year, compared to the same period last year. Closed footwear led the way, followed by fashion essentials like track pants and T-shirts.
The company also increased its presence in the kids segment after the lockdown.
“These have been tough times for many businesses,” says Abhishek Ganguly, managing director, Puma India and Southeast Asia, adding: “The kind of scale and growth Puma has been able to achieve on Myntra has been phenomenal. Myntra has established itself as Puma’s prime partner on the e-commerce front.”
Ganguly says this growth has hinged on consumer trends, with people making healthier lifestyle choices.
Puma says it is confident of achieving a target of Rs 500 crore in gross merchandise value on the Myntra platform in 2021. This will make the Puma-Myntra association among the largest brand-retailer partnerships in the country.
Myntra has a strong women’s customer base and Puma a strong women’s line of products. Both companies
will mutually focus on growing this category on the platform. Puma has an offline presence in India with 370 stores.
Overall, the sportswear category has bounced back after lockdown since an increasing number of people are taking to fitness now than they did earlier. Also, there is a growing trend for athleisure, with more and more people working from home. “This trend is also expanding into tier-2 and tier-3 markets,” says Nagaram.
Ganguly says e-commerce has played a vital role for Puma to reach out to customers in tier-2 and tier-3 cities.
Myntra is also helping the Spanish fashion label Mango jump-start its expansion into India through the omnichannel strategy.
Adding 10 new retail outlets in different cities, including Jaipur, Chandigarh, Ludhiana, Surat, and Lucknow, will bring Mango's tally to 29 and make India the country with the second-highest number of stores in Asia, after China.
During the festival season, Myntra also collaborated with Max Fashion - one of the largest fashion retailers
in India - to enable it to reach out to a much larger customer base.
This partnership saw over 15,000 of the latest designs from the Max Fashion stable on the Myntra platform, including ethnicwear.
This year, Myntra formed a strategic partnership with Movado Group, Inc. - one of the world’s premier watchmakers. This partnership allows it to expand its e-commerce footprint in India and offer its range of MVMT timewear.
Founded in Los Angeles, MVMT Watches mainly caters to digital-savvy shoppers.
This month, Myntra signed a licensing agreement with the Elle brand — owned by the Lagardère Group (French conglomerate) — to produce, distribute, and promote the first-ever, Elle jewellery line for the Indian woman.
This year, Myntra also formed partnerships with various brands launched by celebrities. Among them was The Humble Co. — a menswear brand launched last year by actor Mahesh Babu. The brand’s association with Myntra is set to enhance its reach further, especially in tier-2 and -3 cities and towns.
Also, Rowdy Wear, owned by actor Vijay Deverakonda, was launched on Myntra this year.
Analysts say fashion is a $100-billion market in the country, with only 6 per cent having been penetrated by online retail players.