Myntra to add more international brands to personal care, expects 8% revenue in 2 years
Flipkart owned fashion e-commerce major Myntra is planning to further scale up its offerings in the personal care segment by adding more international brands to its portfolio next year. It expects this segment to contribute 8% percent to overall revenues of the firm.
Myntra is expected to foray into the offline beauty market in 2018 so it is no surprise the company has set a target of 8 percent which would be approximately $160 million as the company aims to clock total revenue of $ 2 billion by March 2018.
The Beauty and Personal Care (BPC) market in India is expected to touch $10 billion by 2021, and given Myntra’s growth rate the target set by the firm looks very much achievable.
Myntra has already dominated other segments like apparel and sportswear leading with massive market shares. Last week the company had announced that it leads the sportswear market in India with 40% share while in apparel it has a combined share of 70% with Flipkart and Jabong.
"Personal care is an important category and we are investing in it. The purchases are more frequent and we have seen a strong growth in the category with brands like Estee Lauder," Myntra CEO Ananth Narayanan told PTI.
"We will look at more mass-premium or masstige products like a Mac or Bobbi Brown. We also hope to bring in more international brands to India. Even though the segment is small, it is growing and should contribute 7-8 per cent of the company's revenues in two years”, he added.
Myntra along with offline beauty stores is also planning to add private labels in this segment which have so far been lucrative for the company. Myntra is on its way to achieve profitability this fiscal riding on the success of its private labels in apparel and introduction of the same in beauty segment could further boost sales of the firm,
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