Macy's lands in India with Myntra
MACY’s lands in India with Walmart Inc, owned eCommerce Player: Myntra
The launch, “only on Myntra”, is part of the retailer’s “Big Fashion Festival” special—which is set to start ahead of the festive season.
American department store chain Macy’s, the operator of hundreds of fashion stores in the US, is set to enter India through e-commerce marketplace Myntra in the run-up to the festive season.
On Thursday, Myntra’s app hosted a “launching soon" tag, along with the Macy’s logo. The retailer will also offer a flat 25% off on Macy’s inventory as part of a special launch. The launch, “only on Myntra", is part of the retailer’s “Big Fashion Festival" special—which is set to start ahead of the festive season.
Macy’s entry into India via the online route bypasses the need to make big investments in offline stores though it wasn’t immediately clear if it is looking to open physical stores. However, retail sector experts in the past have said that foreign brands keen on India are happy to test this market through the online route, and Myntra has become a valuable partner due to its sheer customer base.
“A department store chain, that retails multiple brands, cannot sell its products without a local joint venture partner in India. Online, anyone can sell their own brands," said a retail consultant, speaking on the condition of anonymity. “However, in a market where a brand does not exist, it would be good for people to experience the brand via its stores, especially given how strong and iconic their (Macy’s) retail presence is in the US," he added.
“For Macy’s, price point and positioning is what will be key," the person said.
To be sure, Macy’s is a multi-brand department store chain with a presence across online and offline stores. However, for now, Macy’s has listed its private labels on Myntra. For instance, the platform currently lists brands such as Alfani—a workwear brand for men and women, apart from men’s casual clothing line under the Club Room. Myntra also lists Macy’s activewear brand Ideology, and daily basics such as tank tops and track pants under the Karen Scott brand. It is also selling loungewear under the Macy’s Jenni brand.
India’s apparel market is set to touch ₹5.7 trillion by 2024, according to forecasts by the Boston Consulting Group.
Reprinted from: The Mint.
Edited by SANDA.
Photo Credit: UnSplash
