To cater to the festive shopping needs of the Indian diaspora, E-commerce firm Myntra will now sell its private label in Walmart stores in Canada.
According to a Business Standard report, Myntra launched its private label ‘All About You’ in Walmart stores across Canada. Myntra’s other celebrity endorsed brands such as HRX by Hrithik Roshan are also in the pipeline to be sold in Walmart stores globally, the report further stated.
After sealing a $16-billion investment deal with the US-based retail giant, Flipkart’s fashion arm Myntra has started leveraging the reach of the US-based retail giant to sell its private brands in global markets.
The company targeted Canada for its global foray because Deepika Padukone, who endorses the brand, has a huge fan following in the country.
Recently, Deepika’s ‘All about you’, in association with Myntra, has launched a campaign to promote its 2018 autumn-winter collection.
According to Myntra, inspired by Deepika’s style, embracing modern femininity of women in India, AAY’s AW18 collection is a careful contemplation of the brand’s stance with a subtle hint for the season.
Launched in 2015, ‘All About You’ is a women fashion brand. At present, Myntra has 14 private brands. As a whole, Myntra’s private label business drives 25 percent of its revenues from its in-house brands to which the company expects to grow to 30 percent by the next fiscal year.
The fashion e-tailer has also gone offline with its private labels by opening its first Roadster store in Bengaluru last year.
Walmart also announced to have recorded a loss of USD 737.7-885.23 Mn in FY19, due to the Flipkart acquisition and expects a further loss of 55-60 cents per share because of the deal, which translates to USD 1.66-1.77 Bn in FY20.
Flipkart had 64 Mn annual active customers and the main platform accounted for 80% of the revenues. Thus, Walmart is optimistic about its growth in India despite tough competition from Amazon India and Paytm Mall. Flipkart subsidiaries like Myntra and PhonePe further excite Walmart, Walmart stated in an official media statement.