Myntra Is Planning To Open Its First Physical Store This Year
From Online to Offline
Myntra decided to open its first offline store in the coming months by setting its omnichannel stratagem into the place so that it can target $1 billion in profitability and sales next fiscal. The main focus of the company is to enhance the operational competence and brought back its website after a mobile-only tactic dented its top-line. Last year Myntra introduced the idea of opening the retail outlet.
According to the press release, Ananth Narayanan, CEO of Myntra stated that the first outlet will open in New Delhi or Bengaluru and the company is also planning to tie up with brands to utilize their stores for the services like returns. As per the future prospect, the company is about to add new segments such as home furnishing. Home furnishing generates about 1% of the revenue in just three months and it grows at the rate of 50-60% per months. The company is expecting about 5% of revenue only from home furnishing.
How will this step of Myntra help it to grow its business? Please share your thoughts in the comments section below.
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