India’s Flipkart-owned fashion e-commerce platform Myntra is all set to take its private labels to foreign markets via multi-brand retailer and US’ largest offline company Walmart.
Notably, Walmart purchased 77 percent stake in India’s biggest online marketplace Flipkart for US $16 billion in August this year. The American retailer is confident of generating 10 percent of revenue from selling Myntra‘s products., is optimistic of revenue growth and expects 10 percent of revenue from Myntra’s products.
The move will help the Indian online fashion retaileras well, as it’ll get access to international markets through Walmart’s stores and thereby increase its sales. The aim is to convert Myntra into a global brand by 2021.
Myntra has 14 private fashion brands that contribute 25 percent to of its total income. The e-commerce company now expects the contribution to go up to 30 percent by the next fiscal.
“The company is targeting markets with large pockets of Indians. The conversations (between Myntra and Walmart) have started. Those are around finding areas where we can accelerate together – whether it’s going global with Myntra or them taking our learnings from the Omni channel and supply chain,” Myntra-Jabong CEO Ananth Narayanan, informed India’s leading business daily.
Furthermore, it is being reported that Myntra will also fortify its physical retail presence in India by opening 100 more stores by 2020.