Flipkart owned fashion retailer is all set to take its private labels to international markets through global multi-brand retailer Walmart.
The online fashion retailer is planning to sell its private label products through Walmart stores in the overseas markets. Myntra will target markets with large Indian population and is banking on the popularity of Bollywood actors to boost sales of its private labels.
“The company is targeting markets with large pockets of Indians. The conversations (between Myntra and Walmart) have started. Those are around finding areas where we can accelerate together – whether it’s going global with Myntra or them taking our learnings from the Omni channel and supply chain,” Myntra-Jabong CEO Ananth Narayanan, told the Business Standard.
Narayanan said that his goal was to transform Myntra into a global brand in the next three years.
Currently, Myntra has 14 private brands which contribute 25% of its overall revenues. Myntra expects the contribution to go up to 30% by the next fiscal year.
Myntra is also looking to strengthen its offline presence in the Indian market and will be opening 100 brick-and-mortar stores in the next two years.
On the other hand, Walmart, which bought 77 percent stake in Indian online marketplace Flipkart for over $16 billion in August, is optimistic of revenue growth and expects 10 percent of it to come from private labels through synergies with Flipkart.