Flipkart-owned fashion and lifestyle e-commerce website Myntra on Wednesday announced the launch of its brick-and-mortar store at the Select CityWalk Mall, Saket, in partnership with Spanish apparel brand Mango. As part of the alliance, the companies will set up 25 stores in five years, five of which will be rolled out by the end of the CY2017.
Going forward, Myntra seeks to garner equal share from online and offline channels. Under the franchise model, Myntra will work with partner brands for setting up its stores and its sub-franchisee partners – Samarth Lifestyle and G&B Fashion – will handle day-to-day operations at the stores.
Myntra posted revenues of Rs 1,069 crore for FY16, registering a 38% year-on-year growth. Losses widened by nearly 10% from Rs 741 crore to `816 crore, according to regulatory filings.
Ananth Narayanan, CEO, Myntra and Jabong, said following metros, further expansion of Myntra stores will depend on data evaluation by observing browsing patterns.
In addition to Mango, Myntra has partnered with Espirit under the same model, where it will set up 15 stores in five years.
Daniel Lopes, executive VP of Mango, said, “Following an omni-channel strategy and having presence in the country with physical stores will allow us to generate value for customers by improving their shopping experience.”