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Myntra has launched Myntra Fashion brands in the Middle East, giving a strong impetus to its international expansion plans. The company has partnered with the leading regional e-commerce platforms, noon.com and namshi.com to offer brands of Indian origin to millions of fashion-forward shoppers in the region.
Both Noon and Namshi are a part of the Emaar group, a conglomerate located in the UAE. 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.
With this entry of the Myntra Fashion Brands into the region, the company is largely betting on casual wear categories, which form a major portion of the business in its domestic market. This is also aligned with the latest trends indicating a recent shift towards T-shirts, comfort bottoms and activewear, prompting a focus on similar categories. This shift in trend is propelled by a considerable change in lifestyle, owing to the ongoing pandemic. Over 75 percent of the styles being exported by Myntra to these markets are developed in India.
Speaking about the international expansion, Amar Nagaram, CEO, Myntra, said, “We are elated to announce our overseas expansion. 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.”
Myntra has established itself as one of India’s leading destinations for fashion and lifestyle and the foray into the Middle East paves the way for its international expansion.
Amazon India has noted that sales from Tier II & III cities contribute significantly to the sales as well as growth of kidswear. Interestingly, top selling brands in Tier II & III cities include a comprehensive mix of homegrown and international brands such as GAP as well as Marks & Spencer.
LECHAL – Hyderabad based Ducere Technologies Pvt Ltd., is another noteworthy name in the field of Indian smart fashion. The company’s offering Lechal uses GPS to track down the users location through a GPS linked app, which then sends vibrations to his soles, thus telling him which turn to take. Built into the shape of a small pod which comes fitted into insoles, it functions through an app installed on a smartphone. The app also allows the user to keep a record of his route and tracks the steps taken, the distance travelled and the calories burned. The pods have a claimed life of 15 days on each charge.
Sameer Patel, Founder and Chairman, Deal Jeans explains this new-fangled phenomenon, saying, “Effective merchandise displays creates a great experience for shoppers. Our visual merchandise team uses stories to spark imagination, inspire new styles and trigger emotions. These stories, forming an emotional connection with the customer, can have a long-lasting effect on the in-store shopping journey. To keep the store fresh with new styles, our team changes the displays monthly. Our nesting tables and mannequin clusters are styled with the season’s product line through a theme giving a conceptualised look and feel to the store.”
Different Drivers for online purchase – The purchase drivers are very different across different geographies, regions and population centres. Factors such as promotions, discount and offers are the key driving factor for online purchase across all the regions – metros, tier -I and II cities. But there are other region specific factors such as, availability of new products, better product assortments, easy return policy, express delivery options, etc., which drive growth in different cities and regions. Thus e-tailers have to develop different strategies for different regions and geographies.
History has shown that centralizing data into the hands of one single party doesn’t work for transparency: having a single party able to control what is seen creates bias, even when it is a third party, and cannot be totally disinterested whilst being incentivized enough to maintain the system, without being vulnerable to bribery, social engineering or targeted hacking. Even without mentioning if the party is the brand itself, or the biggest actor in the supply chain, making a major conflict of interest. Blockchains will entirely change the game for certifying, tracking and tracing the origin of goods.
After the huge success of fitness wearables like Apple Watch, Fitbit, Polar fitness monitors, etc., etc., smartness and intelligence is progressively making inroads into the clothes we wear. The fashion world, more so in the last few years, is abuzz with words like wearable technology, smart garments, intelligent garments, e-textiles, etc.
Competitive intensity – Changing customer preferences and their competitive demand has made e-tailing a highly competitive business which results in cash-burn with regular promotions/ discounts. High discounts by e-retailers to acquire customers have led to unreal customer expectations, low loyalty and losses.
The Indian retail market is emerging as one of the most dynamic and fast-paced sector attracting several new domestic and international players. It accounts for over 10 percent of the country’s Gross Domestic Product (GDP) and around 8 percent of the employment. India is the world’s fifth-largest global destination in retail space. The Indian retail market is estimated at Rs 46,15,000 crore (US $710 billion) in 2017, and is expected to grow at a CAGR of 9 percent to reach Rs 1,08,58,000 crore (US $1,672 billion) by 2027. Corporatized retail had only a share of 11 percent in 2017, out of which, e-retail accounted for meagre 2 percent (Rs 92,300 crore). After the implementation of unified taxation under GST regime, it is expected that the share of corporatized retail will increase at higher rate. With increasing penetration of Internet in India, the acceptability of online shopping is expected to grow at a phenomenal pace.
Arvind has recently announced collaboration with the Italian company DirectaPlus, one of the largest producers and suppliers of graphene-based products in the world to co-develop Graphene based jeans wear providing dramatically better thermoregulation and Bacteriostatic characteristic. have collaborated with Levis and to support them on their very successful Levi’s® commuter jeans series, a its kind wearable technology.
Along with faster and easier navigation, most e-tailers provide detailed specifications of the products to make it easier for consumers to make purchase decisions. For instance, high resolution pictures and zoom in features are provided on the website to showcase the details of the products. Multiple images from different angles enable detailed view of product. Measurement charts assist the customer to make the right fit decision in case of apparel products, etc.
In the course of her entrepreneurial journey, she launched Breakaway – a venture which plans and executes bespoke experiential journeys around India, www.break-away.in. With Breakaway she unearths what is waiting to be discovered and experienced, through travel to known and unknown destinations in India. Her latest venture is a concept restaurant in Goa, Mustard, which is an outcome of a shared passion for food and unique experiences that offers Bengali and French Cuisine, both meeting over Mustard as an ingredients.
Technology is an indispensable part of our life today. It has thoroughly morphed all aspects of human life — right from the way we communicate,travel, exchange information to the way we eat, live and drink. Hence, it is but only natural that technology has heralded a propitious change in the way we dress and clothe ourselves today.
BOLTT – Boltt is a ‘sports tech-brand’ that is developing next generation consumer-centric solutions for personal health & fitness. Known for its advanced artificial intelligence (AI) ecosystem, Boltt provides ‘connected fitness solutions’ bundled with the hardware.The hardware includes smart shoes, stride sensor and activity tracker. The Boltt sensor is powered by Garmin’s patented SDM Technology. Boltt’s AI is aimed at solving problems in health and fitness coaching by providing real-time audio feedback and provides customised workout suggestions. As of now, there are Boltt’s wearables portfolio encompasses such as Boltt Fit, Boltt Beat, Boltt Beat 2.0, Boltt Ace, Boltt Verve Luxe, etc.