Online fashion retailer Myntra is reportedly planning to make foray in brick & motor space for selling beauty & cosmetics products. Sources claim that Flipkart owned retailer has already started scouting for spaces in prominent malls across big cities.
People familiar with matter further claimed that Myntra is planning to open the first store in Bengaluru and will open more stores in other cities in coming months. These stores will be multi brand retail stores, selling products of all the top cosmetic brands.
This will be the first time that online fashion retailer will be using its brand name for brick & motor business. By doing so, Myntra will join popular startups like Lenskart & Urban ladder in using their brand name for offline stores.
The fashion e-tailer’s existing offline stores do not use company’s official brand name. They operate under private brand names.
Flipkart owned company has so far refused to comment on news report.
Why Myntra’s entry in offline cosmetic space makes sense?
Today beauty and personal care segment is one of the fastest growing segments for Myntra. According to reports, this segment is clocking staggering growth of 400% on year-on-year basis for the company.
Besides, the overall prospect of beauty & cosmetics industry is looking pretty bright. The recent report by RedSeer Consulting claims that the market is growing at 25% annual rate and is likely to reach $20 billion annual sales by 2025.
Owing to increasing lifestyle needs, today more & more Indians wants to look beautiful and young. This overwhelming need and desire is fuelling the growth of beauty & cosmetic industry in India, industry experts claim.
However, Myantra will have to brace for intense completion in the offline beauty & cosmetic space. The space is crowded by big names like Sephora, Colorbar, Bobbi Brown, Body Shop & L’Oreal.