To widen its consumer base and shore up profits, Myntra, Flipkart-owned online fashion marketplace, planning to foray into home furnishing, precious and non-precious jewellery and personal care segments.
Myntra had restricted its presence to apparel and accessories, but will now take on focused players in the space such as Urban Ladder, Pepperfry, Nykaa and Bluestone. In the next two years, Myntra is expecting a revenue of Rs 500 crore from the home furnishing segment.
At present, it has tied up with 40 brands for the home furnishing segment and will enter the personal care products space and jewellery segments by July. The company will be looking at mass premium segments in all these categories where the margins are high.
The Bengaluru-based company is hiring architects and interior designers to help consumers pick and choose products on the platform.
Online retailer Myntra announced the company’s transition to an “app only” platform from May 15, 2015 onwards, marking the end of desktop and browser based shopping. With mobile-based commerce emerging as the next biggest opportunity, Myntra took a step towards creating a differentiated shopping experience for its consumers, which will be individualised and engaging.
Commenting on the new strategy, Mukesh Bansal, CEO, Myntra & Head of Commerce, Flipkart, said, “We are immensely pleased to announce our transition to an app only platform and promise a very exciting & new age shopping experience to our customers. Fashion is a very personal experience. We believe that only mobile can truly deliver this experience as it captures user’s lifestyle and context in manner that no other medium does. Think of all the hardware and software features that one can leverage like camera, contact, location etc. to understand the user’s context and deliver the experience that is deeply personalised.”