Home / Companies / News /  Myntra stocks up on Macy’s in India
Back

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.

A spokesperson for Myntra did not respond to an emailed query. Queries emailed to Macy’s headquarters remained unanswered. However, a person familiar with the development said Myntra would make an announcement closer to its festive season sales.

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. The country’s top retailers such as Reliance Retail, Aditya Birla Fashion, Nykaa Fashion and Flipkart Group have been luring international brands in a bid to appeal to younger and well-heeled shoppers.

In July, Reliance Retail said it entered into a long-term partnership with Gap Inc. to bring the iconic American fashion brand to India.

To be sure, Macy’s is the largest retail brand under Macy’s, Inc., which also runs high-end department store chain Bloomingdale’s and make-up and skincare chain Bluemercury. Macy’s operates as an omnichannel retailer combining macys.com and a mobile app, paired with a nationwide network of stores in the US that sell apparel, home, beauty, accessories and more. It also retails third-party brands in its stores, such as jewellery label Pandora, Makeup Forever, Karl Lagerfield, and Nike.

In 2020, Macy’s announced an updated strategy and three-year plan designed to stabilize profitability and position the company for growth.

This included a plan to build four $1 billion power private brands besides scaling up and growing the company’s digital business.

ABOUT THE AUTHOR

Suneera Tandon

Suneera Tandon is a New Delhi based reporter covering consumer goods for Mint. Suneera reports on fast moving consumer goods makers, retailers as well as other consumer-facing businesses such as restaurants and malls. She is deeply interested in what consumers across urban and rural India buy, wear and eat. Suneera holds a masters degree in English Literature from the University of Delhi.
Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout