Myntra Secures India Franchise Rights for UK Fashion Retailer NEXT
Know the Story:
E-commerce giant Myntra has obtained the India franchise rights for the esteemed UK fashion brand, NEXT, aiming to expand its presence in the Asian market. With this move, Myntra is poised to compete with industry giants like Tata and Reliance in the fashion domain. The partnership seeks to tap into India's growing market by offering a diverse range of apparel for men, women, and children through both physical stores and online platforms. Myntra plans to establish NEXT's omnichannel presence by launching 8-10 stores across key Indian cities and leveraging its e-commerce platform.Key Points:
- Myntra secures India franchise rights for UK fashion brand NEXT to bolster its presence in the Asian market.
- The partnership aims to challenge Tata and Reliance in the fashion space by offering a wide range of apparel.
- NEXT products will be available through physical stores and online platforms under Myntra's franchise.
- Myntra plans to launch 8-10 NEXT stores in cities like Delhi, Mumbai, and Bengaluru.
- Nandita Sinha, CEO of Myntra, expresses excitement about deepening the association with NEXT and expanding its omni-channel presence in India.
- The collaboration includes introducing other NEXT-owned brands like Reiss, Lipsy, and Joules to the Indian market.
- Myntra's internationally licensed brand portfolio will be further strengthened with this partnership.
- The move underscores Myntra's commitment to offering diverse fashion choices to Indian consumers and expanding its global brand presence.