Online fashion marketplace Myntra has launched an accelerator programme. As a part of this programme Myntra has partnered with Chemistry and AKS.
With the newly launched accelerator programme Myntra is looking to partner with about 10-15 local fashion brands. To be eligible for the accelerator, these brands must be supported with a strong founding team and unique design sensibility.
Flipkart-owned Myntra is an online platform for fashion brands and claims to have partnered with over 2,000 leading fashion and lifestyle brands in the country such as Nike, Puma, Levis, Forever 21, Biba and many more.
Ananth Narayanan, CEO, Myntra-Jabong said, “The brands will be able to leverage our core strengths – largest mass premium customer base and data-driven insights on the consumer, while also getting operational support. We are looking at creating about $1 Bn incremental valuations for the Myntra Accelerator brands over the next three years. We look forward to working with the best of Indian entrepreneurial talent in the brand building space”
The programme will accelerate the growth of these brands through technical analytics and branding support from Myntra. The programme aims to help its partners build their brand online and get insights on customer behaviour and product assortment.
With a reach of about half a million customers at present, Chemistry’s association with Myntra through the accelerator programme is expected to take it to 3 Mn customers, in the next three years.
Sunil Jhangiani, CEO Chemistry said, “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% of the brand sales in 3-5 years”
On the other hand, AKS is an ethnic wear brand for the modern day Indian woman. It has scaled to a $6 Mn annual GMV in three years, as per an official statement. According to founder Nidhi Yadav it is expected to grow 10X over the next three years under the accelerator programme.
In March 2017, Myntra launched its first offline store in Bengaluru for Roadster. Later in April 2017, it acqui-hired Bengaluru-based InLogg, in an attempt to strengthen its core logistics.
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In April 2017, Kishore Biyani-led Future Groups launched the Future C&D lab in Bengaluru. Before this, in the same month, Apple had launched an App Accelerator in Bengaluru to support engineering talent and promote iOS development.