Ahead of its year-ending sale, Myntra has entered the luxury fashion segment thanks to a partnership with multi-brand luxury wear marketplace Pernia’s Pop Up Shop.
The strategic partnership will allow Myntra’s customers to shop for designer wear which goes up to INR 1.5 Lakh in terms of pricing. The platform will now have premium women’s apparel from around 25 Indian designer wear labels including Ritu Kumar, Masaba Gupta, Namrata Joshipura and Gopi Vaid.
Pernia’s Pop Up Shop was recently acquired by Binny Bansal-backed online fashion platform Purple Style Labs. The luxury fashion retailer also has offline multi-designer stores in Mumbai, Delhi, Bengaluru and Kolkata.
“The association marks our foray into the luxury segment, which is beginning to emerge as a popular category online. We are witnessing a strong demand for premium products on our platform and this association strongly enhances our position as a leading destination for women’s ethnic wear. Myntra’s reach and popularity will now take designer labels to the doorsteps of discerning fashion shoppers across the nation,” said Ayyappan Rajagopal, head of business at Myntra-Jabong in a statement.
In a bid to differentiate itself from horizontal marketplaces like Amazon and Flipkart, Myntra has been working on initiatives like stylists-on-call, an embedded fitness tracker called Myntra Move in partnership with Pretr, and hyperlocal services.
Myntra had also announced to increase its focus on Tier 2 cities in collaboration with kirana stores as last-mile delivery partners. Around two-thirds of Myntra’s revenue comes from apparel, followed by footwear, accessories and kids and personal care.
The increase in demand for premium ethnic wear led to the partnership with Pernia’s Pop Up Shop further premiumise its offering. Premium ethnic wear on the platform has reportedly grown at 300% over the past year. The demand for wedding wear, as a standalone category, is also increasing and is expected to contribute about 10% of ethnic wear revenue by next fiscal.
Myntra was founded by Mukesh Bansal, Ashutosh Lawania and Vineet Saxena in 2007. The company was acquired by Flipkart at a deal value of INR 2K Cr in 2014.
In 2016, Myntra acquired Jabong for $70 Mn. Initially, Jabong and Myntra operated as separate brands. In 2018, the companies were merged after Walmart acquired Flipkart and fully integrated their functions including technology, marketing, category, revenue, finance, and creative teams.
Myntra partners with more than 2K fashion brands and lifestyle brands and delivers at around 19K pin codes across the country. Myntra also launched a second offline store in Bengaluru for Roadster in June 2019.
Update | 12:20, December 12, 2019
Some sections of this article have been edited post-publishing