Myntra Hosts its First Annual Brand Meet 2012 - ‘Brick and Click of Fashion’
Myntra.Com (Business Wire India)
Bangalore, Karnataka, India
Myntra.com, in a first of its kind initiative, organised a Brand Meet aptly titled ‘Brick and click of Fashion’ on 22nd June 2012 at their campus in Bangalore.
Myntra’s first Annual Brand Meet witnessed over 60 partner brands, with CEO/MD's of over 20 brands present along with VP’s and Business Heads from rest of the brands coming together to discuss the basic essentials on Brand Partnerships and Offline & Online Retail. The keynote speaker at this event was Rajan Anandan, VP and MD, Google India.
Mukesh Bansal, CEO and Founder of Myntra.com kick started the ‘Brand Meet’ which brought together its strategic partners who believed in the online platform and worked with Myntra over the last 18 months.
Speaking at the opening session, Mr. Mukesh Bansal, Founder and CEO, Myntra.com said, “We are pleased to have hosted first brand summit among all eCommerce players. This was our way to thank our brand partners for the role they have played in Myntra's growth and share our future roadmap and vision with them. Brands universally applauded Myntra's commitment to the current season, full catalog model and healthy business practices. We will continue to strengthen our relationship with the leading brands that have helped us become the #1 player in Fashion category.”
In an intriguing and insightful discussion, Mr. Bansal took the guests through Myntra’s journey since 2010 and also shared future plans and projections of the leading Indian ecommerce retailer.
Myntra has the largest online catalogue of over 350 international and national brands currently available on its website and the ecommerce portal is home to more than 400,000 visitors daily. The company plans to reach $1 billion in revenues within the next 5 years and firmly cement its place as the largest online retailer in the fashion and lifestyle space.
Reciprocating Mr. Bansal’s view on the tremendous potential of the e-commerce industry, Mr. Rajan Anandan, VP & MD, Google India said, “Globally, the e-commerce industry is expected to be worth 900 billion USD by the end of the year 2012. Compounded at the current growth rate, in the next decade the e-commerce industry is expected to be worth 3 trillion USD.”
He also spoke about the rapid growth of e-commerce and technology in India. “E-commerce in India is at a tipping point. The number of search queries related to shopping has gone up 18 times” he said. Mr Anandan explained that there will be about 3.5 billion internet users in 2012 (45% of the entire world's population will be on the internet).
“Online apparel market will grow to $2 billion by 2015. Not having access to brands is definitely going to attract users to transact online. E- Commerce is just the beginning” says Mr. Anandan.
The first panel discussion focused on brand partnerships and the challenges faced in e-commerce. The panel included Rajiv Mehta (MD, Puma South Asia), Gaurav Dublish (Promoter & Director – Wildcraft), Chakor Jain (Business Head for LEE), Rajiv Bajaj (CEO, Fila India and South Asia) and Ganesh Subramanian (CMO, Myntra.com) moderated the discussion. This discussion focused on the 4 stages of partnership between Myntra and the brands, various collaborative marketing initiatives, forecasting demand, e-commerce strategies and understanding consumer trends. The key take away from the session was the pressing need to standardize body sizes across brands sold in the country.
This was followed by the second panel discussion which focussed on the best offline retail practices. This panel included Asif Merchant (MD, Catwalk worldwide), Sandeep Mukhim (CEO, Proline India Pvt Ltd), Abhishek Ganguly (Executive Director- Sales & Retail, South Asia Puma), Ashutosh Vaidya (Director Sales - SAARC Region, Luxottica India Ltd (Rayban)) and Moderator: Vikas Bagga (Enterprising Practitioner). This discussion focused on best offline retail practices that can be implemented in the online space. The panel also discussed about doing exclusive brand launches and first look’s with Myntra.
Sharing his views on the event, Rajiv Mehta, MD, Puma, South Asia said, “A much needed event in order to showcase the talent and technological capabilities of India's e-com pioneer, thus fostering collaboration between brands and the company. The insightful presentation by Rajan along with the thought provoking panel discussions added a lot for the audience to take home.”
Sandeep Mukhim, CEO, Proline India Ltd added, “The efforts put by Myntra team to organise the brand partner meet is laudable. It was a great platform to integrate the future plan of Myntra with their partners. We feel confident of Myntra’s direction and the actions planned for the same.”
The event concluded with a tour of Myntra’s warehouse followed by a special fashion show put together using merchandise sold on Myntra.com
Myntra.com is among the top e-commerce companies in India and is the largest online retailer of fashion and lifestyle products. Myntra has tied up with the best fashion and lifestyle brands in the country such as Nike, Puma, Adidas, Lee, Levis, Pepe, Flying Machine, Arrow, Jealous 21, Fabindia, Biba, Global Desi, UCB, US Polo, RayBan etc. to offer a wide range in latest branded fashion and lifestyle wear. With the largest in-season product catalogue, 100% authentic product, cash on delivery and favourable return policies, Myntra has become the preferred online shopping destination in India.
Myntra was started by a group of IIT/IIM graduates in 2007 and is headquartered in Bangalore. The company has been funded by top tier Venture Capital funds like Tiger Global, IndoUS, IDG and Accel Partners.