Myriad to explore new markets, partner with online stores for growth in India
today Feb 13, 2019
Athleisure designer brand Myriad is betting big on the activewear market in India and banking on partnerships with retailers and online stores for growth in the country. The brand will enter tier 2, 3 markets like Ludhiana, Hyderabad, and Kolkata to widen its customer base in the coming months.
Two years in, Myriad has been witnessing strong growth in terms of sales in the activewear segment which happens to be one of the fastest growing segments across the fashion space in India. The brand currently makes 40 percent of its sales through its own website with the remaining 60 percent coming from online stores like Jabong, Amazon, Lasosta, Perniaspopupshop.com and others. The brand will enter the men’s and kids activewear categories as it eyes profitability in the coming years.
FashionNetwork.com caught up with the founder/creative director of Myriad Sunishka Goenka to talk about the brand's journey, growth potential in active wear, about the brand’s expansion and future plans.
FashionNetwork.com: Give us a brief about the journey of Myriad Activewear so far?
Sunishka Goenka: Inspired by the dynamics of fashion and street style in London, Myriad was launched in India in 2017. The brand has witnessed exponential steady growth in terms of sales, brand recognition, awareness, and association. We have our own production and manufacturing unit, which enables us to focus solely on distribution and sourcing.
Being majorly online in the Indian market and having our own website portal, we have managed to collaborate and focus on distribution channels through e-commerce retailing websites and retailers such as Jabong, Rock n Rock (Delhi), Amazon Prime, Confidress (Delhi), Como Collective (Goa) and La Sosta (Delhi).
FNW: What prompted you to get into activewear and what makes the brand stand out from other activewear brands in the market?
SG: The size of the activewear market in India is dramatically evolving year on year. Customers are looking at outfits that are designed for comfort as well as transitional wear with an aesthetic appeal as Indian consumers are perceived to be price‐value conscious and price sensitive. Ever since we started Myriad Activewear, we like to believe that it launched at the right time in the Indian market as there was a need for it. We envision making fitness fashionable and bridging the gap between sportswear, daily wear, and luxury wear into all day, versatile active wear. Myriad’s versatility comes from sourcing advanced fabrics, which are curated carefully for modern design. This is activewear without limitations.
FNW: What is the target audience for Myriad considering the fact that the brand is projected as a designer athleisure brand? What is your marketing strategy?
SG: Our demographic is directed towards female aged from mid-20’s to late 30’s. We foresee increasing our demographic reach and maintaining our brand position in the market to bring profitability into the brand for extension prospectives. In addition, we want to be more visible on e-commerce platforms and in-store distribution channels that offer activewear as a category. Indeed, opening new doors to new stockists and retail spaces and focusing on creating value, differentiation and competitive advantage through hammering initiatives would be part of our brand growth strategy.
FNW: How many orders does Myriad clock every month? What are the key markets for Myriad from where it gets majority of its business?
SG: Every month Myriad clocks in an approximate 40 percent of our total sales through our website, while our revenue generated from other online portals such a RocknShop, Amazon, Lasosta, Perniaspopupshop.com are an absolute 20 percent. The remaining 40 percent of our sales are made through offline stores such as Pernia’s Pop Up Store, Physique 57, exhibitions pan India such as Banglore and Delhi and also through monthly popups where we showcase our collection in fitness studios and gyms.
FNW: What is the future plan for Myriad? Are you looking to partner with e-commerce firms, retailers for online/offline expansion?
SG: Myriad Activewear is niche and it caters to a specific target market. In order to test the approach of brand credibility, we are exploring new markets such as tier 2 and tier 3 cities like Ludhiana, Hyderabad, and Kolkata.
We are partnering with multiple online stores to multiply our visibility and increase our brand search engine ratings. We are also expanding our network in gyms and various fitness studios such as Physique 57, Activ8, F45 and more. For the future, we intend on partnering and exclusive designing a capsule collection with complimenting brands such as HRX and others.
FNW: Are there plans to expand the product portfolio of the brand by entering other segments for growth?
SG: Yes, indeed. In order to acquire a retail flagship store, we are expanding our portfolio of products ranging from accessories to men’s activewear category and kids activewear category that follows the hierarchy of low priced to premium sports luxe wear. Our aim is to be recognisable in all fields in order to pursue a flagship store that is approachable to our clienteles and larger audience.
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