- Meenakshi Kumar |
Online fashion retailer Myntra is planning to open its first brick-and-mortar store in the next three months. This is being planned by putting its omni-channel strategy into place. The store may be opened in either Bangalore or Delhi and the company is exploring the possibility of tying up with brands to use their stores for services such as returns. The company is planning to launch omni-channel with its private brands such as Roadster, HRX and All About You.
Ananth Narayanan, CEO, Myntra, points out that the company is targeting strong growth in new segments such as home furnishings. Already, it is 1 percent of the revenue and it’s growing at 50-60 percent month-over-month. So, the company is looking at getting about 5 percent of its revenue from home furnishings. Myntra is also looking at relaunching a personal care business and expanding its sales of fine jewellery.
Myntra is already looking into profitability and reducing discounts. Myntra recently switched back to its desktop avatar after it had moved to mobile-only app last year. This was done to bring back its customers and drive growth.