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Myntra, which also owns the fashion site Jabong, expects to sign five more such partnerships within the next month, chief executive Ananth Narayanan said in an interview. In all, the company plans to invest in 15 brands in sportswear, men’s casual wear and women’s wear, he said. Myntra selects these brands based on their design aesthetics and the talent of the team behind the labels. Narayanan said Myntra wants to create a portfolio worth $1 billion over the next three years with the brand accelerator programme, which is Myntra’s equivalent of a venture capital arm. The brand accelerator programme is part of Myntra’s efforts to shift sales away from discounts, differentiate its platform and stop Amazon India from increasing its market share in fashion. In the market share war between Flipkart and Amazon, fashion is the only category in which the former consistently has a huge lead. Between itself, Myntra and Jabong, Flipkart dominates online fashion sales; the company is trying to preserve this through initiatives such as the brand accelerator programme. Myntra also owns more than a dozen private brands including Roadster, HRX and Moda Rapido. The private brands will contribute about 30% of its overall revenue by the end of the year from 24%. Narayanan said the brand partnerships signed through the accelerator programme will separately account for 5-10% of the firm’s sales within three years.
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