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Myntra partners Chemistry, AKS for Accelerator Program
06
Jun '17
Courtesy: Myntra
Courtesy: Myntra
Myntra, India's leading destination for fashion, has signed partnerships with Chemistry, a trendy fashion brand for women, and AKS, an ethnic wear brand for the modern day Indian women, as part of its Accelerator Program. The programme is designed to accelerate growth of partner brands through technical, know how, analytics and branding support from Myntra.

Through the Accelerator Program initiative, Myntra is looking at forging strategic partnerships with about 10-15 local fashion brands that have a strong founding team and unique design sensibility, said the company in a statement.

With a reach of about half a million customers at present, Chemistry's association with Myntra through the Accelerator Program is expected to take it to 3 million customers in the next 3 years. AKS brand’s strong product value proposition has helped it scale to a $6 million annual GMV in 3 years. Under Accelerator, it is expected to witness a growth of 10X over the next 3 years.

"We believe that the next 3-5 years will see the emergence of many new national brands. As the leaders in the fashion & 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. The brands will be able to leverage our core strengths – largest mass premium customer base and data driven insights on consumer, while also getting operational support. We are looking at creating about $1 billion incremental valuation for the Myntra Accelerator brands over the next 3 years. We look forward to working with the best of Indian entrepreneurial talent in the brand building space," said Ananth Narayanan, CEO, Myntra-Jabong.

"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 per cent of the brand sales in 3-5 years," stated Sunil Jhangiani, CEO of Chemistry.

Nidhi Yadav, founder, AKS added, "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 behavior and enable reach to 8 million+ women shoppers will be a game changer for our brand."

With successful in-house brands such as Roadster and HRX, Myntra has the know-how of creating brands that have the potential to be category leaders. An online-first approach ensures that brands scale much faster and at better economies compared to an offline model. Through this programme Myntra will help partners to build their brand online through Myntra and Jabong and also leverage data from the 18 million monthly active users to get insights on customer behaviour and product assortments. (KD)

Fibre2Fashion News Desk – India


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