Myntra targets growth through in-house brands

App-based fashion retailer Myntra is banking on its in-house brands to boost growth. Its top selling brand, Roadster, raked in Rs 320 crores this year and is expected to gross Rs 650 crores by end 2016. HRX, All About You and Dressberry are the other high selling brands at Myntra.

All the private brands of Myntra, which was acquired by Flipkart in 2014, fetch the company more than Rs 700 crores in sales, and will now close the year at 550 million dollars (Rs 36,493 crores) in gross merchandise value (GMV). Myntra adopted this strategy of creating online private label early on and it has paid off well. It has pitted it against brick-and-mortar brands such as Shoppers Stop, Lifestyle, Future Group and Spencer’s. So far, no other online fashion brand has a robust inhouse brand.

As per Ananth Narayanan, CEO, Myntra, the company is expected to rake in close to Rs 2,000 crores from private brands by the end of 2016. With more than 15 million users on its app, of which 7 million are active users, Myntra is undoubtedly in the top bracket. That is why it plans to continue being a platform for mass premium products. Narayanan said that the focus on private brands has helped them to slowly move away from big discount offers, thus helping them to achieve profitable growth. Abhishek Verma, head, Myntra Fashion believes that ‘each private brand helps us to create a different and unique identity in the consumer’s minds.’