BENGALURU: Flipkart backed fashion retail platform, Myntra has announced its plans to tap international markets by launching several Indian brands in UAE. This is being done through partnership with UAE's e-commerce platforms, noon.com and namshi.com, part of the Emmar group conglomerate.
Noon is a horizontal e-commerce platform with offerings in multiple categories, while Namshi is a vertical platform, focussing primarily on fashion in the premium segment. The brands that have been launched on Noon are, Dressberry, Mast & Harbour, Moda Rapido, Here & Now, Sztori and HRX, while Namshi will list Dressberry, Mast & Harbour, Wrogn and HRX, over the next few weeks. These brands and styles were chosen based on regional trends and consumer preferences, Myntra said in a statement.
The Bengaluru-headquartered Myntra has partnered with more than 3000 leading fashion and lifestyle brands in India with services across over 27,000 pincodes in the country. With its entry into the Middle-East, Myntra's focus will be on on casual wear categories, which form a major portion of the business in its domestic market. The athleisure (athletics and leisure clothing) category has seen a huge spike in demand in the ongoing pandemic with over 75% of the styles being exported by Myntra to these markets are developed in India.
"This is a significant milestone in our journey so far and marks the next phase of growth for Myntra. Our research identified high levels of potential channels across the globe offering significant opportunities in the online fashion segment. Amongst these, the Middle East stood out in terms of the audience's demographic profile, extremely high mobile penetration, the similarity in fashion preferences and a large population of Indian origin. We are looking forward to a 5X growth from the partnership over the next two years. Myntra will continue to explore new markets in order to build brands of international repute and expand its base of global consumers," Amar Nagaram, CEO, Myntra, said.