Indian Retailer Myntra Forms Two International Partnerships
Online shopping merchant Myntra has formed partnerships with brands Raised on Denim and HRX. The partnerships are an attempt to reach larger demographics and diversify product selection.
Raised on Denim, which is based out of the UK, will locally produce its clothing and import to India where it will be sold through Myntra. The HRX brand will be created and launched exclusively through Myntra.
A representative of Myntra stated that their statistics show customers are more likely to revisit their website when they have previously purchased a known brand. Raised on Denim believes that young Indian men are looking to integrate into some of the styles otherwise used internationally.
This is not the first time Myntra has been exclusively selling a particular brand in India. Among Myntra's hundreds of brands, New Balance and Supra are two of many that can only be purchased through the company by citizens of India.
Hrithik Roshan, the fashion icon behind HRX stated that "Partnering with Myntra.com to launch HRX was the opportune decision as they are in-sync with our philosophy and effortlessly helped in creating the brand, just as I visualized."
Myntra's CEO Mukesh Bansal has nothing but good things to say about HRX. Bansal said, "HRX is a very innovating brand with leading edge fashion that seamlessly merges active lifestyle, global fashion trends and Indian tastes."
Over twenty percent of Myntra's income can be directly attributed to exclusive partnerships and private brands. With exclusive partnerships come opportunities for the companies to collaborate on marketing strategies.
Currently India's online retail only accounts for 0.2% of the entire industry. Economists expect the industry to grow explosively over the next ten years. With more and more people using technology in the country, as much as 6.5% of retail sales are expected to occur online by 2023. The actual projected income is predicted to increase from $1 billion to $56 billion over the same time period.
The benefits of reaching new demographics through exclusive international partnerships are substantial for nearly any business. Get in touch with one of our business lawyers for information on how to take advantage of the international market.
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