Myntra boosts overseas fashion play with UK’s NEXT
As part of the deal, NEXT seeks expansion of its Asian footprint to take on rivals like Tata and Reliance
Ecommerce major Myntra has scaled up its international fashion play after bagging franchise rights for the UK’s biggest fashion brand NEXT.
As part of the deal, NEXT seeks expansion of its Asian footprint to take on rivals like Tata and Reliance.
This will also enable the UK’s fashion player to tap the Indian market which will further allow Myntra to distribute its products on a wholesale basis.
It aims to build a strong customer base via independent third-party franchise partners and distributors, ET reported.
Besides, NEXT also plans to push its omnichannel presence in India through Myntra’s wholesale business, which will launch stores for the brand in India.
At these stores, the brand will offer a range of apparel for children, women and men via stores and online platforms.
During the initial years, about 8-10 NEXT stores will be launched in cities, including Delhi, Mumbai and Bengaluru, combined with an online presence on Myntra’s ecommerce platform.
Last year, Sinha said that 40% of orders of its international brands are from Tier II cities and beyond. Back then, she added that Myntra aims to attract 10 Mn GenZ users and expand its customer base over the next two years by expanding its styles available on FWD to over 100K.
Interestingly, the fresh development comes after Myntra observed a 30% hike in its net loss in the financial year ended March 31, 2023 amounting to INR 782.4 Cr from INR 597.6 Cr in the previous fiscal year.
