Myntra to go big on offline expansion, Jabong to add premium brands
Jul 5, 2017, 13:45 IST
It’s been a year that Flipkart-owned fashion portal Myntra acquired Jabong, and the Bengaluru-based company is now trying to inch towards profitability.
On one hand, Myntra is planning big for offline expansion; Jabong will now cater to more premium brands, thus becoming the online destination for luxury brands. As per Ananth Narayanan, CEO of Myntra and Jabong, launch three new labels would be launched on Jabong.
"When we acquired Jabong in July 2016, the net promoter score (a metric which gauges customer satisfaction and ranges from -100 to 100) was in the teens to 20, they were degrowing at 16%. At present, the NPS at Jabong is at 46 and it is likely to grow by 30% this year," Narayanan told ET.
He also said that while Myntra had no plans to close Jabong in the coming time, new brands in the premium segment are about to be launched.
"Jabong is perceived as a premium destination due to its long association with international brands," said Narayanan.
"We are also looking to grow our brands offline after the success of Roadster. While we might open a few more stores for Roadster, we will open a store for All About You in Mumbai and HRX in Delhi and Bengaluru, which is an athleisure brand," he added.
Other than promoting its brands, Myntra is also holding talks to finalise two additional brands that would be a part of its accelerator programme.
"We are in discussion with two more brands, which will take a month or two to crystallise. With Mango, we will do an omni-channel experience, including returns and purchases. Such partnerships increase profitability for Myntra," said the CEO.
(Image source Qz)
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On one hand, Myntra is planning big for offline expansion; Jabong will now cater to more premium brands, thus becoming the online destination for luxury brands. As per Ananth Narayanan, CEO of Myntra and Jabong, launch three new labels would be launched on Jabong.
"When we acquired Jabong in July 2016, the net promoter score (a metric which gauges customer satisfaction and ranges from -100 to 100) was in the teens to 20, they were degrowing at 16%. At present, the NPS at Jabong is at 46 and it is likely to grow by 30% this year," Narayanan told ET.
He also said that while Myntra had no plans to close Jabong in the coming time, new brands in the premium segment are about to be launched.
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"We are also looking to grow our brands offline after the success of Roadster. While we might open a few more stores for Roadster, we will open a store for All About You in Mumbai and HRX in Delhi and Bengaluru, which is an athleisure brand," he added.
Other than promoting its brands, Myntra is also holding talks to finalise two additional brands that would be a part of its accelerator programme.
"We are in discussion with two more brands, which will take a month or two to crystallise. With Mango, we will do an omni-channel experience, including returns and purchases. Such partnerships increase profitability for Myntra," said the CEO.
(Image source Qz)