True to its earlier announcements that it has plans to open 100 offline stores to complement its online presence, Myntra is set to open its first such store in Bengaluru selling cosmetics by end of this year or at best, in the first quarter of 2019.
It is learnt that the company is already busy searching for the right spots in different cities for the stores. Flipkart owned Myntra and Jabong have already disclosed that they are quite serious about the O2O model and it wonâ€™t be long before every major city/town will boast of retail outlets selling fashion and cosmetics in private brands that they have successfully developed and are selling on their sites online. Most of these retail outlets may be run on the franchise model.
Myntra claims its experience online has given it learnings that the beauty and cosmetics range have huge potential and are clocking very high growth in sales year on year and they have over 250 brands on their sites which cover categories like makeup, skin Care, bath & body, perfumes and beauty appliances. Myntra has even worked out the plans for its stores such as they will be spread over 3000 to 4000 square feet and may draw inspiration from Sephora, a global chain of stores in the same segment.
Besides its own stores, Myntra is also working on opening stores under the Esprit brand for which it has entered into a franchise agreement. The brand is owned by a Hong Kong based company.
It may be recalled that there are a couple of retail stores in the brick and mortar model already operating, but they are named Roadster and Mango; the new Bengaluru store for cosmetic products will be directly under the Myntra brand. Within the plan for the 100 stores, 50 will be Roadster and the rest Mango and HRX, a brand developed with Hrithik Roshan, the Bollywood star.
The Indian cosmetics and personal care market has a mix of international brands and home-grown ones. The likes of Sephora, Lâ€™Oreal and Body Shop are some of these and the Indian ones include Lakme and Nykaa others are growing rapidly. Some of the online competitors like Amazon and BigBasket are also lining up their plans for the category.