Flipkart-owned online fashion portal Myntra has now confirmed that it will be entering offline retail space after having bagged the rights to manage brick-and-mortar outlets of Spanish fashion label Mango in India along with exclusive online rights, reported ET.
Myntra will acquire eight Mango outlets from current franchisees Major Brands and DLF Brands, and manage omni channel strategy of the global fashion brand.
Shefali Singh, VP – international business at Myntra, will lead this initiative. Also, the company is looking to open around 25-30 Mango stores in the next five years.
Speaking on the development, Ananth Narayanan, CEO of Myntra and Jabong said, “This will be in a hybrid model between a sub franchisee and retail managed purely by Myntra. In the next six months we will finalise the entire offline deal. The aim is to kick start pre-Diwali.”
The company will focus exclusively on women’s wear in the first two years and later roll out men’s and kids category in the offline stores.
In addition, Myntra is also planning to build an offline presence for its private labels, and a Roadster outlet is due to launch early next month.
The store will be opened under Myntra’s private brand Roadster in swish shopping district of 100 Feet Road. For the Roadster outlet, Blackberry’s apparel store on 100 Feet Road in Indira Nagar has carved out a 3,500 sq ft space out of its total 8000 sq ft.
Daniel Lopez, vice-chairman of Mango said, “When you have 18000 SKUs per year, the rational approach is to use more space. So when you want to grow dramatically as we can, we need to think out of the box.”
Earlier, Myntra had also tried to acquire the store network of U.S. brand Forever 21, but lost them to Aditya Birla Group.