Myntra India pins hopes on sportswear
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Adding more products and international brands to its portfolio, online fashion retailer Myntra India aims to grow its outdoor and sports range revenue by 20 per cent over the next 15 months.
Owned by Flipkart, the company earns about 15 per cent of its revenue from sportswear and has just introduced apparel and footwear from US brand The North Face (TNF), reports The Times of India.
“The North Face is an important addition to our list of international exclusive brands,” says Myntra head of eCommerce Prasad Kompalli.
He says the outdoor category is expected to double its growth in 2016-17.
TNF’s range went on sale this month. Part of VF Inc, it was founded in California in 1966 and specialises in outerwear, fleece and coats. It competes directly with Columbia Sportswear, which entered India in December 2013.
VF Asia executive Bruno Feltracco says India offers a huge opportunity as a market.
“Our experience in China helped us decide to first go online and understand the market. There is nothing that prevents us to go offline after we reach a certain stage,” he says. “We already have some of our other brands here doing really well.”
VF Asia’s other brands include Lee, Wrangler and Nautica.
Questions & Answers
Q.What percentage of Myntra India's current revenue comes from sportswear?
What percentage of Myntra India's current revenue comes from sportswear?
Myntra India currently earns approximately 15 per cent of its total revenue from its sportswear offerings. This figure indicates the segment's existing contribution to the company's overall financial performance.
Q.What is Myntra India's growth target for its outdoor and sports range revenue?
What is Myntra India's growth target for its outdoor and sports range revenue?
Myntra India aims to achieve a 20 per cent growth in its outdoor and sports range revenue. This target is set to be reached over the next 15 months, indicating a focused expansion strategy.
Q.Which other brands from VF Asia are already established in India?
Which other brands from VF Asia are already established in India?
VF Asia has several other brands performing well in India. These include popular names such as Lee, Wrangler, and Nautica, indicating a broader presence beyond the newly introduced The North Face.
Q.How did VF Asia decide to enter the Indian market with The North Face?
How did VF Asia decide to enter the Indian market with The North Face?
VF Asia decided to enter the Indian market online, having learned from its experience in China. This approach allows them to understand the market first before potentially expanding into offline retail at a later stage.
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