New Delhi: Flipkart-owned online fashion retailer Myntra on Tuesday unveiled a dedicated luxury section on its platform that will see the retailer sell 65 premium brands, including Polo Ralph Lauren, Ted Baker, Hackett London, Hugo, and Fred Perry.
Myntra has partnered with Aditya Birla Fashion Retail Ltd’s (ABFRL) The Collective, a multi-brand luxury lifestyle retailer to offer a wider range of high-end clothing, accessories, bags and shoes on its site. The Collective brings with it a curated collection of brands such as Polo Ralph Lauren, Ted Baker, Hackett London, Hugo, and Fred Perry to Myntra Luxe.
The move will now pit Myntra against Tata Group’s premium e-commerce store Tata Cliq Luxury as well as Reliance Retail’s digital commerce platform Ajio Luxe that both sell high-end bags, watches, shoes and other products.
In all, Myntra will retail 65 luxury brands through the new Luxe store that will be available to shoppers both on its mobile app as well as desktop. The brand assortment also includes Bvlgari, Movado, and Tissot among others.
India’s luxury market has remained niche, to say the least. Wealthy consumers typically spend on luxury bags, watches and clothes but buy such goods overseas. But that could be changing. Covid-linked travel restrictions have especially turned consumers to look for such products at home. As a result, retailers are pushing the ante on curating aspirational brands online.
Myntra too has witnessed a “sharp rise” in demand for luxury brands on its platform during the course of the pandemic. This has prompted it to create a dedicated offering for the same and enable luxury customers to enjoy a distinguished experience, said Sharon Pais, chief business officer, Myntra.
There is a growing cohort of shoppers looking up to this category in India today, she said.
India’s market for luxury e-commerce goods is set to touch $ 1.3 billion by 2023, growing at a CAGR of 29%, estimates by Forrester suggest.
Meanwhile, few retail conglomerates represent a clutch of premium-to-luxury brands in India.
For instance, Reliance Brands Limited houses over 60 brands, a bulk of them international. Its portfolio comprises largely foreign brands such as Brooks Brothers, Burberry, Hamleys, Hugo Boss, Hunkemoller, Iconix, Jimmy Choo, Kate Spade New York, Michael Kors, Steve Madden, Superdry, Scotch & Soda, Tiffany & Co., Tory Burch, among others.
Clearly, younger shoppers, swayed by emerging trends on social media could be tempted to drop more money on a newly launched bag online or a pair of branded jewellery.
E-commerce at The Collective has displayed very strong momentum, said Amit Pande, brand head, The Collective. “Our partnership with Myntra will allow us to extend our reach and bring a taste of The Collective experience to Myntra’s top customers.”
Myntra that sells a range of mid-to-high end brands including Bata to Puma and Nike, Mango, H&M, Aldo will also drive engagement for the segment, through Myntra Studio its content-led property where fashion influencers engage with consumers. Myntra has also been growing its portfolio of brands lately, with additions such as Urbanic, Misguided among others.
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