Fashion and lifestyle ecommerce player Myntra as an initiative to “inspire young entrepreneurs and designers who have a flair for the business of fashion” has announced launch of “Designer In Residence” program under its fashion incubator.
“The idea behind setting up the Myntra Fashion Incubator is to mentor young entrepreneurs who do not have access to capital, supply chain and distribution platforms, and empower them to create sizeable indigenous fashion brands in the long-run,” Myntra CEO and Head of Fashion at Flipkart, Mukesh Bansal said.
As a part of this DIR program, selected entrepreneurs will be supported with the following to build and develop their brand/business idea:
- Design Studio with facilities
- Mentorship on fashion and business aspects from seasoned designers, entrepreneurs and thought leaders of the fashion industry
- Financial support to create merchandise for one season
- Opportunity to retail merchandise and designs on the Myntra platform
- Opportunity to showcase the work during Myntra’s fashion events
- Opportunity to pitch your designs to Myntra Fashion Incubator advisory board for investments to scale the business.
The program will be spread over a year, after announcement of shortlisted candidates based on Design quality, Clarity in brand idea, Uniqueness in idea, Business potential in November this year the final presentations by the designers will be made to MFI advisory board in November 2015.
The first batch of the incubator program is expected to roll out in January 2015 and as many as 10 entrepreneurs will get on board early next year.
Creating a brand, scaling and sustaining the business and creating differentiated unique offering will be some of the key learning for the participants as a part of the program.