Myntra drops plan for brick and mortar stores, to focus on online business
By Meenakshi Kumar
30 Nov 2018
Myntra has dropped its plan to open 100 brick and mortar stores across the country. Instead the idea is to focus on the online business including omnichannel. Over the past few months, there have been several high-profile exits at Myntra, including its chief strategy officer and head of categories. The process of integrating with Jabong is also being completed. So an expansion into offline is a little difficult now.
Myntra was slated to open stores at shopping malls in New Delhi, Mumbai, Chandigarh, Kolkata, and Hyderabad, among others, by the end of this year. Fifteen stores selling Myntra’s private labels were also supposed to open by end-December. It already has 15 stores across the country — 12 for Mango, which it manages and three for private label Roadster.
Walmart owns 80 per cent of Myntra’s and Jabong’s parent Flipkart. Splurging on offline stores might not go down well with investors. About 200 Jabong employees have been asked to pack up and another 150 have put in their papers. Jabong, too, has cut down operations in Gurugram and is working with a skeleton staff. Till two months back, Myntra was looking for spaces as large as 10,000 sq ft to 20,000 sq ft.