Myntra.com which was recently acquired by Indian e-comm giant Flipkart is all set to launch first of its kind fashion incubators in India for enrepreneurs, companies and brands that deals in fashion merchandises.
The combines entity of Flipkart-Mynta will look to select at least 3-5 such brands annually which can later be retailed on other platforms- online and offline, said a top executive from the company. In typical venture capital-style investing, the Flipkart-Myntra will select fashion entrepreneurs, give them a platform to retail and after six months to a year pick up equity stakes for up to a million dollars in the best performing brands.
The first batch of this fashion incubator is expected to roll out in July this year which will get on board as many as 20 such entrepreneurs.
Abhishek Verma, business head at Myntra said they've roped in mentors for the first batch of the incubator. We've got fashion designers, entrepreneurs and successful names from the business of apparel to be a part of the programme.
"The idea is to create sizeable indigenous fashion brands by mentoring young entrepreneurs who do not have access to capital, supply chain and distribution platforms," said Mukesh Bansal, CEO, Myntra & SVP, Flipkart Fashion. We want these budding designers to operate as independent entities in the long-term selling to even our rival e-tailers, Bansal told to TOI.
The move made by Myntra is to make its e-commerce dominance in India more stronger and to counter Amazon India's huge inventory. Flipkart is already one leading as e-comm player in consumer electronics and mobiles however Myntra is all about fashion clothing and accessories and now that Flipkart and Myntra is one entity after later's acquisition by former.
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