The company has appointed Mark Sebba, who retired as chief executive of UK-based online high-fashion group Neta-Porter earlier this year, as an advisor in the run-up to the launch of its London office.
Sebba is largely credited with helping scale up the magazine-style fashion e-tailer, owned by Swiss luxury group Richemont, from a small start-up in the early 2000s to the $850 million company that it is today.
"We are very excited to have Mark (Sebba) on board," said Gautam Kotamraju, vice president of fashion brands at Myntra, who is leading the setting up of Myntra's London office. Kotamraju said getting international fashion industry experts like Sebba is part of the reason for setting up an office in London. "We, as a market, still look to the West for our fashion inspirations. London is a fashion Mecca and building expertise there will help us be a credible fashion destination for consumers."
With fashion and lifestyle quickly becoming the largest category in India's fast-growing online retail industry, Myntra and its Delhi-based rival Jabong are increasingly focusing on global brand partnerships and designerled in-house brands to attract and retain customers.
According to retail consultancy Technopak, fashion accounts for 25% of the online retail industry's sales and will grow to 30% in 2019. India's online retail industry is estimated to reach $6 billion (about Rs 36,800 crore) in size in 2015, according to research firm Gartner.
Jabong is already setting up a design and branding office in London primarily focused on its private brands like Lara Karen and Sangria. The company, which had revenue of Rs 438.5 crore in 2013-14 and a of net loss of Rs 293 crore, had earlier stated its intention to release new designs from its London studio every 15 days for its private brands. Similarly, Myntra has already partnered with Italian designer Vanni Lenci for the premium range of its in-house biker brand Roadster. Kotamraju said the company is already in talks with other design studios in Europe for more such partnerships. "Also, a lot of brands in Europe want to enter India and we can be a vehicle for them. The London office will serve as an interface for all these collaborations," said Kotamraju.
Myntra is set to launch apparel from UK women's wear brands like Paper Dolls, Little Mistresses and Girls on Film soon. Premium brands, including many of the global brands Myntra has exclusive partnerships with, contribute up to a fifth of the company's revenues. The company is targeting sales of Rs 2,000 crore this fiscal, compared to Rs 800 crore in 2013-14. Experts believe that establishing a global office will help fashion portals create differentiation. "They want to show that they are fashion forward," said Pragya Singh, an associate vice president at retail advisory firm Technopak.
Singh said with the regular brands available across online sites and retail stores, there is pressure to create new private brands and bring in global brands that are not yet available in India.
http://timesofindia.indiatimes.com/followceleb.cms?alias=Kotamraju,Myntra offices,Myntra,Lara Karen,Flipkart
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