Fashion e-tailer Myntra announced its plan of managing the omnichannel strategy for a global fashion brand. The news states that the e-commerce player has obtained a master distribution and management rights for Spanish fashion brand Mango in India. However, the announcement didn’t reveal any financial details regarding the deal.
The deal will see Myntra curate and facilitate setting up 25 Mango stores, besides listing the brand exclusively on Myntra and Jabong platforms over the next five years. Mango’s relationship with Myntra goes back to 2014, when the brand was listed on Myntra. Daniel Lopez, Vice-Chairman and Member of the Board of Directors, Mango, comments “In the last 3 years, we have witnessed a 100 percent growth in business on the Myntra platform. This fact has provided us with the confidence for this partnership.”
Currently, the Spanish fashion retailer has about 20 percent of its global product portfolio in India. Through this partnership, Mango will be able to bring 100 percent of its product lines to the Indian market. The partnership will help grow Mango’s India business three-fold times over the next five years. “It will be completely our responsibility to manage Mango’s omni-channel presence including Mango.com and other offline stores in the country (8 of them currently). Besides, we will add new stores through sub-franchising, and take the number to 25. These stores will be built across the top cities in the country,” remarks Ananth Narayanan, CEO, Myntra.
Mango had entered the Indian market in September 2001, however, India doesn’t yet feature among the company’s top markets. The partnership intends to change those statistics. The fashion retail firm has a network of 2,200 stores, spread in 110 countries. The company in ownership of the MANGO Woman, Man, Kids and Violeta (plus size) lines, closed 2015 with sales of 2.3 billion euros.