Flipkart backed fashion marketplace Myntra is expanding its international presence and has launched its private label Myntra Fashion brands in the Middle East. The company has partnered with the leading regional e-commerce platforms, UAE based conglomerate Emaar group’s noon.com and namshi.com. Over 75 percent of the styles being exported by Myntra to these markets are developed in India.
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 would be listed on both platforms will include Dressberry, Mast & Harbour, Moda Rapido, Here & Now, Sztori, Wrogn, and HRX.
Online shopping is becoming increasingly popular, especially in fashion and regions like Middle East and Africa and South-east Asia are becoming high growth regions. For certain countries like UAE and Saudi Arabia, it is upwards of 90 percent, according to various sources.
The team at Myntra says that the Middle East market stood out in terms of the demographic profile, with extremely high mobile penetration, the similarity in fashion preferences, and a large population of Indian origin, with one of the highest levels of online spending potential worldwide. The fashion platform is, in fact, marking this as the next phase of growth for Myntra.
With this move, Myntra is largely betting on casual wear categories, which form a major portion of the business in its domestic market. According to Myntra, this shift in trend is propelled by a considerable change in lifestyle, owing to the ongoing pandemic.
Amar Nagaram, CEO, Myntra, said, “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”. He added, “We are looking forward to a 5X growth from the partnership over the next two years.”
Myntra plans to continue to explore new markets in order to build brands of international repute and expand its base of global consumers. Back home, as of today, Myntra has partnered with over 3000+ brands in the country and services over 27,000 pin codes.