After acquiring Jabong, Myntra eyes on doubling down the profit of both the firms. Myntra is planning for its offline expansion while Jabong will be simultaneously positioned as a premium and a bridge-to-luxury online destination with three new labels.
Ananth Narayanan, the CEO of Myntra and Jabong said “Myntra had no plans to close Jabong in the near future, it would see new brands in the premium segment. Jabong is perceived as a premium destination due to its long association with international brands”.
According to the data released by RedSeer Consulting, Jabong-Myntra are together responsible for the growth of Flipkart’s dominance in the fashion category, commanding 55-60% of the online fashion market share. After this, company now eyes on taking both the brands towards profit.
After the success of Roadster offline stores, company is looking to open more stores for Roadster as well as for All About You in Mumbai and HRX in Delhi and Bengaluru.
Besides Myntra’s parent company Flipkart has already launched two private labels in the fashion segment in women’s and men’s wear in the price range less than ₹1,000 category over the past two months. These new labels will offer different offerings from Myntra.
Myntra is also in talks to finalize two additional brands as part of its accelerator programme and also plans on to enter into more franchisee deals similar to the one with Mango.