Myntra expands into home furnishing, personal care and jewellery products
Bengaluru: Online fashion retailer Myntra is expanding into home furnishings and personal care as well as widening its jewellery offering as the company seeks to add more lifestyle categories to its product range.
Myntra, run by Myntra Designs Pvt. Ltd, said it expects to generate Rs.100 crore in sales this year and Rs.500 crore in the year ending March 2018 from sales of home furnishing products such as bedsheets, blankets, quilts and pillow covers, among others.
The online home furnishing and decor market is growing annually at 70% and is expected to be a Rs.3,000 crore market by end of this year, according to Myntra.
“There are two main reasons behind adding more lifestyle categories,” Myntra chief executive Ananth Narayanan said. “One, it fits in with our profitability push as the margins in these categories are higher (than fashion). Two, these categories help with our increasing focus on women customers. Many customers were searching for home and furnishing products on Myntra and we want to cater to this demand. In all the new categories too we will continue to be in the mass premium segment of the market.”
Myntra will add fine jewellery products to its existing collection of fashion jewellery.
The company, which was acquired by e-commerce marketplace Flipkart Ltd in 2014 for $330 million, has set a target of reaching $1 billion in gross sales (which do not include discounts and returns) by March 2017, and become profitable.
To help with this, Myntra plans to increase sales of higher-priced products and charge customers for deliveries, according to an 8 December Mint report.
The home furnishings category would be curated and feature Indian and international brands including Portico New York, Welspun, Raymond Home, Trident, Bombay Dyeing and Swayam.