Myntra to focus on luxe brands, track your fitness
Myntra will be rolling out new initiatives such as stylists on call, an embedded fitness tracker Myntra Move and hyperlocal services through its acquisition, Pretr.
The company, which is working on a strategy to differentiate itself from players such as Amazon and parent Flipkart, will be rolling out new initiatives such as stylists on call, an embedded fitness tracker Myntra Move and hyperlocal services through its acquisition, Pretr, while focusing more on bridge-toluxury, luxury and international brands, sources said.
"It's increasingly becoming crucial for fashion e-commerce players such as Myntra and Ajio to differentiate themselves from the horizontal marketplaces like Flipkart and Amazon and create their own unique identities. Currently, many fashion products that are available on Myntra are also there on Flipkart or Amazon India. Myntra has been following a similar discounting pattern like Flipkart and Amazon. In that case, the player with bigger muscle power and more traffic will win," said the CEO of a large global fashion brand, who did not wish to be quoted.
Myntra will launch hyperlocal omni-channel services that will enable it to provide same-day delivery from a local store of a brand rather than from one of its warehouses. To do this, the fashion e-tailer will use Pretr, a Mumbai-based omni-channel retail startup, which it acquired last year.
Myntra's new move comes at a time when the company reported a 155% growth in revenues to Rs 1,089 crore for the period ending March 31, 2019. Its net loss, however, has widened to Rs 539 crore - an increase of over 250% over the same period last year.