Myntra to enter offline cosmetics market with physical stores

By

Maverick Martins

Published
Dec 15, 2017

Online fashion retailer Myntra is all set to enter the offline beauty market in India as it looks to set up brick and mortar stores across the country.
 

After dominating the online fashion market with a combined share of 70% percent along with its subsidiary Jabong and parent firm Flipkart, Myntra first entered the booming beauty segment last year.
 
The Beauty and Personal Care (BPC) market in India is expected to touch $10 billion by 2021 growing at an annual rate of 5-6 per cent, according to a report by Indian Beauty & Hygiene Association (IBHA). Myntra is looking to cash in on this growth and has set a target of Rs 641 crore to Rs 961 crore (approx $100-150-million) business in the next two years.

In a year, Myntra has invested heavily to scale up its operations in the beauty sector offering various selection and brands which includes colour cosmetics for lips, nails, eyes and fragrances for both men and women to compete with other beauty etailers in the country.
 
"The frequency of business in the category is higher than apparel and it is unit economics profitable. We are willing to invest big in the category over the next five years," Ananth Narayanan, chief executive, Myntra had said during the launch of the beauty segment.
 
In line with that Myntra is now looking to foray into the offline market by opening stores through a chain of multi-brand physical stores according to a report in the Economic Time.
 
Cosmetics firm Nykaa has already successfully managed to make the transition from online to offline by setting up stores in metro cities and plans to open 30 stores in the coming years across the country.
 
Interestingly, Nykaa which will be Myntra’s main competitor in the beauty space (online & offline) had recently accused Myntra’s beauty department of trying to steal their staff, specifically from their marketing department.
 
Myntra has one of the largest cosmetic brand selections online in India including brands like Mac, Colorbar, Estee Lauder, Clinique, Bobbi Brown and Nivea. The company is also looking to launch its own private labels next year.