Myntra targets new growth areas – expands into Middle East market
Fashion e-commerceplatform Myntrahas announced its international debut with Myntra Fashion Brands in the UAE.
- Myntra has partnered with regional e-commerce platforms, noon.com and namshi.com.
- Myntra CEO Amar Nagaram said that this step will mark the next phase of growth for the
AdvertisementFashion e-commerce platform, Myntra is thinking bigger and global. In a move to scale up its international presence, the company has announced its debut with Myntra Fashion Brands in the UAE. This comes over a year after the Flipkart-backed portal held a pilot with Walmart Canada.
For its UAE foray, Myntra has partnered with regional e-commerce platforms, noon.com and namshi.com, both of which are a part of the Emaar group. Myntra’s foray into the UAE is in the fashion casual wear categories.
Myntra CEO Amar Nagaram said that this step will mark the next phase of growth for Myntra.
“Our research identified high levels of potential channels across the globe offering significant opportunities in the online fashion segment. Amongst these, the Middle East stood out in terms of the audience’s demographic profile, extremely high mobile penetration, the similarity in fashion preferences and a large population of Indian origin. We are looking forward to a 5X growth from the partnership over the next two years,” he said.
Nagaram added that Myntra will also continue to explore new markets.
UAE – the ideal first stop
Interestingly, the UAE has often been the first choice of expansion for many Indian startups. UAE, which is home to a strong Indian diaspora, brings with it an already established familiarity for these startups. Companies like Zomato, OYO have all forayed into the market.
The presence of large funds in the UAE and their interest in Indian startups too is favourable.
It also helps that India and UAE have good bilateral relations with India being one of UAE’ biggest trading partners, while UAE is India’s third largest trading partner.
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