20 November 2021, Mumbai:
Online fashion retailer Myntra will now showcase luxury brands on its platform. The retailer has teamed up with The Collective to offer 65 premium brands including Polo Ralph Lauren, Ted Baker, Hackett London, Hugo, and Fred Perry. These will be available both on its mobile app as well as desktop.
By including luxe retail Myntra will now compete with Tata Group’s premium e-commerce store Tata Cliq Luxury as well as Reliance Retail's digital commerce platform Ajio Luxe who sell high-end bags, watches, shoes and other products.
India’s luxury market has remained niche, to say the least. Wealthy consumers typically spend on luxury bags, watches and clothes but buy such goods overseas. But that could be changing. Covid-linked travel restrictions have especially turned consumers to look for such products at home. As a result, retailers are pushing the ante on curating aspirational brands online.
Myntra has witnessed a sharp rise in demand for luxury brands on its platform during the course of the pandemic. This has prompted it to create a dedicated offering for the same and enable luxury customers to enjoy a distinguished experience. There is a growing cohort of shoppers looking up to this category in India today. Myntra has been growing its portfolio of brands lately, with additions such as Urbanic, Missguided among others.
India’s market for luxury e-commerce goods is growing by 29 per cent a year. Younger shoppers, swayed by emerging trends on social media, could be tempted to drop more money on a newly launched bag online or a pair of branded jewelry.
