Myntra plans to open 15 offline stores for private label in FY19

As part of its strategy to push its omni-channel presence, Flikart-owned online fashion firm Myntra on Thursday launched its second offline store for private brand, Roadster, in Bengaluru.

The company plans to open 15 such stores in the current financial year. 

The fashion retailer also said it was likely to be operationally profitable within two years.

Even though the Bengaluru-headquartered company already had opened a brick and mortar store for its private label almost a year ago, the new store provides a hi-tech experience to customers.

Buyers will be able to pick up their favourite products without assistance, discover their real-time online price and do a self-checkout in 30 seconds.

“This is a global-first initiative since customers can know about product features as well as online prices, and also do self-checkout by paying their bill through our internally developed app within 30 seconds," said Ananth Narayanan, chief executive officer, Myntra-Jabong.

Many fashion brands in the country are slowly ramping up their omni-channel presence in the face of rising competition. Myntra's focus on offline stores is part of the company’s aim to garner 15 per cent market share in the organised apparel market from the current 3 per cent. 

“We will open 15 stores in the current financial year for our private brand, Roadster, which will be scaled up to 50 in the next two years,” Narayanan said adding that its third store will soon come up in Pune.

Roadster, which contributes around 10 per cent of Myntra's overall revenues, is the fastest-growing private brand from its stable.

Private brands, including Roadster, Dressberry, Anouk and HRX, contribute around 25 per cent of the fashion retailer's revenues.

He also said that Walmart’s acquisition of a majority stake in Flipkart would not alter the overall strategy of the company.

"They are happy the way we are doing things," Narayanan added.