Myntra has signed on Chemistry and AKS for its Accelerator Programme, promising to fetch the clothing brands a tenfold growth in online sales over the next three years. The leading online fashion portal also expects to drive a valuation of $1 billion through this program during the same period.
The Accelerator Program is a new initiative by Myntra. After Chemistry and AKS, it has plans to include 10-15 more local fashion brands on the basis of the strength of their founding team and their unique design sensibility.
The aim of the program is to help accelerate the growth of these brands by sharing with them Myntra’s advantage of technical know-how, analytics data and branding support. After Chemistry and AKS, there are five more brands in thepipeline.
While Chemistry - a fashion brand chosen by trendy women – has garnered for itself a reach of half a million customers, it hopes to touch the 3 million customer mark in three years through its new association with Myntra.
AKS, on the other hand, is an ethnicwear brand for the modern Indian woman, which has scaled to $6 million annual GMV in just three years. It also hopes to have a tenfold increase in its sales in the next three years by associating with Myntra.
Ananth Narayanan, CEO, Myntra-Jabong, said on the occasion, “We believe that the next 3-5 years will see the emergence of many new national brands. As the leaders in the fashion and lifestyle space in India, Myntra and Jabong are well positioned to work closely with some of these emerging brands to propel them to the national stage.”
While the brands would be able to leverage Myntra’s core strengths of having the largest mass premium customer base, data-driven insights on consumer and operational support, Myntra itself is confident of creating about $1 billion incremental valuation.
“We look forward to working with the best of Indian entrepreneurial talent in the brand building space,” said Narayanan.
Chemistry CEO Sunil Jhangiani shared, “Being an offline brand with a strong foundation, our association with Myntra opens up a new world of opportunities for us in terms of reach, visibility and volumes through the online channel. Myntra’s expertise in building successful online brands over the years, backed by strong technological support, will aid us in shaping the future of Chemistry and establishing it as one of the foremost fashion brands in the country. We expect the online sales to become 50% of the brand sales in 3-5 years.”
AKS Founder Nidhi Yadav, had this to say: “As an online-first brand, we started small with a passion for design and identity. By associating with Myntra, we are taking the first major step towards creating a national brand. Myntra’s ability to build brands through digital marketing, capture and provide insights on customer behavioir and enable reach to 8 million+ women shoppers, will be a game-changer for our brand.”
Myntra already has made a success of its in-house brands like Roadster and HRX. It’s focus now is to create leaders in brand categories. Its online-first approach helps brands scale heights unimaginable in the offline space. The online space also gives better economies compared to offline.
Myntra and Jabong have 18 million active users monthly and data on these customers can help these new brands to get insights on customer behaviour to offer product assortments.