Online retailer Myntra will introduce 5-6 new brands of apparels and accessories over the next six months as it looks to increase revenue share from the higher-margin, in-house labels.
The company, which retails over 1,000 brands, also sells 10 of its own brands including Roadster, Dressberry, Anouk (ethnic range for women), Mast & Harbour, Kook N Keech, Yellow Kites (for kids), Invictus and HRX (by Hrithik Roshan).
“We have seen a huge growth in our private labels business. Roadster, in fact, is our No 1 casual wear brand and is among the top three in the site… We are looking at launching five to six new brands in the next six months,” Myntra Senior Vice President Abhishek Verma told PTI.
The company gets about 20 per cent of its revenues from the private labels, he said but declined to give a projection on the revenue contribution from the private label business.
“There is still a lot of white space in the fashion landscape. There is potential in areas like women’s wear, accessories, footwear, inner wear… we would look at these areas,” Verma said.
Private brands are often seen to help boost margins as pricing of third-party brands are more or less similar on competing platforms.
The company, which was acquired by domestic eCommerce major Flipkart last year, is also planning to introduce its ‘Roadster’ range to other eCommerce platforms.
“We are exploring whether the Roadster range can be made available on other eCommerce platforms. We expect this to happen in the next three to six months,” Verma said.
Roadster has seen phenomenal growth in the last two years, he added.
“Roadster fulfils the demand of fast-fashion customers and makes available the latest collection to customers. Add to that our brand ambassador, Ranveer Singh, which has helped increase brand awareness and heighten the fashion quotient,” he said.