Encouraged by the impact of its first offline store, India’s online fashion retailer Myntra plans to launch 100 offline stores across the country in the next two years, Ananth Narayanan, CEO of Myntra- Jabong, said recently. Half of the 100 stores will be for Roadster, Myntra’s most popular brand, and the rest for HRX, Mango and other brands.
Online sales of Roadster have increased after the first offline store was launched, Narayanan said at the launch of the second Roadster store in Bengaluru. This increase in sales has come from pin codes around the store and not from any other part of the city, report quoted him as saying. The Flipkartowned company hopes to end the current fiscal at $1.9 bn gross merchandise value run rate, up from $1.2 bn for fiscal 2018, because of private labels and offline expansion.
The company is in the process of integrating warehouse inventory with store inventory for its inhouse brands as well as other brands to provide customers a seamless online-to-offline experience and boost sales, he said. Analysts say Myntra’s three-year-old private label business has been growing strongly and accounts for about a fourth of its overall revenue.
