Myntra inks brand partnership deals with women’s apparel brand Chemistry and AKS

Myntra, the online fashion retailer owned by Flipkart, has inked partnerships with two women apparel brands i.e. western wear brand Chemistry and ethnic wear brand AKS. The fashion e-tailor plans to invest in 15 overall brands in sportswear, including five more such partnerships it is planning to sing within the next month, men’s casual wear and women’s wear. It targets $500 million sales from the 15 partnerships in the next 3 years.

The partnerships are in line with the company’s brand accelerator program as part of Myntra’s efforts to shift sales away from discounts, differentiate its platform and stop Amazon India from increasing its market share in fashion. It also owns more than a dozen private brands including Roadster, HRX and Moda Rapido. The private brands will contribute about 30% of its overall revenue by the end of the year from 24%.

Ananth Narayanan, CEO of Myntra, commented that “With Myntra, these brands get massive traffic, consumer data insights both online and offline and sourcing power. We can guide brands on where to open stores, which price points sell, which styles are popular, etc. We also have deep sourcing expertise because of our private brands. For us, with the brand accelerator, we add more unique products for our customers, increase our exclusive offering and we get higher margins”.