India’s leading online fashion e-tailer Myntra is looking to launch multi-brand brick-and-mortar retailing for beauty and cosmetic products for its brand Myntra Beauty. The e-tailer is speculated to be scouting for large spaces across top cities, according to people familiar with the development.
Many online companies are looking to foray into the offline space to expand their network and enhance the shopping experience for their customers. Myntra has been slowly strengthening its offline presence.
Earlier this month, the company had acquired omnichannel retail platform Pretr, in order to expand offline presence.
Other online players that have forayed offline under their brand name include lingerie brand Zivami, omnichannel furniture platform Urban Ladder, Pepperfry, eyewear startup Lenskart, along with cosmetic retailer Nykaa.
Ananth Narayanan, chief executive at Flipkart-owned Myntra-Jabong, said, “Beauty and personal care is a fast growing segment for us which has been growing at 400% year-on-year. Today we have over 250 leading brands across make up, skin care, bath & body, perfumes and beauty appliances.”
Myntra Beauty is expected to be modelled on LVMH-owned global Chain Sephora and will focus on 3,000 to 4,000 square feet. The first outlet is likely to be opened in Bengaluru, later this year or by early next year.
In the beauty and cosmetics domain, the fashion e-tailer will be competing with established players such as Sephora, Colorbar, Bobbi Brown, Body Shop, among others.
India’s cosmetics industry is pegged at $6.5 billion and according to RedSeer consulting, the market is anticipated to reach $20 billion in annual sales by 2025, growing at 25% annually. With the considerable growth expected in the industry, more cosmetic e-tailers will be tempted to take the advantage to the offline opportunity as well.