Online fashion marketplace Myntra has been in the news for multiple reasons. Following the resignation of its chief executive officer (CEO) Amar Nagaram, the company’s top leadership saw further attrition with its chief financial officer Ramesh Bafna and chief marketing officer Harish Narayanan quitting this month. However, the churn notwithstanding, it was business as usual with the fashion retailer announcing that it was on-boarding UK apparel brand Missguided and that it was also entering the luxury segment with the launch of Myntra Luxe on the app.
All these years, the Flipkart-owned fashion marketplace was known for operating in the mid-to-premium segment in apparel. In fact, Ankur Bisen, senior vice-president, retail and consumer at management consultancy Technopak, calls it the big daddy of pureplay online fashion retail dominating this segment.
However, the launch of Myntra Luxe brings it face to face with Tata Group’s premium e-commerce store Tata Cliq Luxury and Reliance Retail’s online platform Ajio Luxe.
For starters, the company said it was bringing in brands under The Collective owned by Aditya Birla Fashion Retail Ltd. The Collective is a multi-brand luxury lifestyle retailer that offers high-end clothing, accessories, bags and shoes both online and through its offline stores.
The announcement release stated that The Collective’s curated collection of brands such as Polo Ralph Lauren, Ted Baker, Hackett London, Hugo and Fred Perry will deliver the initial thrust for the launch of luxury segment on the app. However, the luxe store will scale the portfolio further.
Harminder Sahni, founder, Wazir Advisors, lauded its foray into luxury with The Collective. “It’s a good move as it gives Myntra omni-channel leverage," he said.
The former CEO of an international apparel brand agreed that Myntra would like to take the lead in luxury, too, which could take it to the next level. “It’s still the most premium fashion portal compared to others because of the way it has managed its evolution," he said, declining to be named.
Myntra Luxe brings leading global luxury brands within easy reach of a growing cohort of shoppers looking up to this category in India today, said Sharon Pais, chief business officer, Myntra, in a statement. Also, demand for luxury brands saw an upswing during the pandemic, she added.
Yet, over the years, Myntra has partnered thousands of fashion and lifestyle brands in the country such as H&M, Levi’s, U.S. Polo Assn., Tommy Hilfiger, Louis Philippe, Jack & Jones, MANGO, Forever 21, Marks & Spencer, W, Biba, Nike, Puma, Crocs, M.A.C and Fossil.
On Monday, the company announced on-boarding UK’s fashion brand Missguided for younger shoppers in India. In August, it had similarly brought London-based Urbanic to its platform. Urbanic has a high salience among Gen Z, which is an important consumer cohort for Myntra.
In September, Flipkart Group partnered British sportswear and sports equipment brand Slazenger to be made available on both Myntra and Flipkart.
“For foreign brands interested in India, Myntra has become the default digital highway, the route to reach shoppers in the country. It’s valued for its sheer customer base and repeat purchase," said Technopak’s Bisen.
Others said Myntra has been investing in or acquiring brands to maintain its leadership as a fashion portal. “It is muscling up to stay relevant and top of mind for its existing as well as new consumers," said the former CEO mentioned earlier.
Myntra pivots around a few major propositions to build salience—a great selection of brands and styles, a personalized shopping experience, cutting-edge tech and product prowess for a seamless shopping experience, and engaging content, aiding strong discovery for shoppers, explained a Myntra spokesperson. “We have been strengthening our beauty and personal care offering and are today the sought-after destination for beauty. Up ahead, we will be looking at strengthening our position in this category," the spokesperson said.
Although Myntra’s strategy to be an all-encompassing marketplace with both foreign and Indian brands as well as private labels has worked so far, the retailer now has to compete with brands’ own sites, which were bolstered during covid lockdowns.
Wazir Advisors’ Sahni said Myntra has been pushing the envelope and retains an edge over other online fashion retailers. “But more than Ajio and Tata Cliq, Myntra needs to watch out for Nykaa’s plans," he said.
Shuchi Bansal is Mint’s media, marketing and advertising editor. Ordinary Post will look at pressing issues related to all three. Or just fun stuff.
