Mytra developing in the international market. The fashion retailer owned by Walmart has penetrated into the Middle East and launched Mytra Fashion brands exist. The Bengaluru-based company has partnered with leading regional e-commerce platforms, noon.com and namshi.com to offer Indian brands to millions of fashion buyers in the region.
Both Noon and Namshi are part of the Emaar group, a conglomerate located in the UAE, known for developing the Burj Khalifa and Dubai Mall. Noon is a horizontal e-commerce platform with offers in various categories. Namshi is a vertical platform, with a main focus on fashion in the premium segment. Brands that have been launched during the day include Dressberry, Mast & Harbor, Moda Rapido, Here & Now, Sztori and HRX. Namshi will register for Dressberry, Mast & Harbor, Wrogn and HRX, for the next few weeks.
These brands and styles are chosen based on regional trends and consumer preferences.
“The Middle East is actually similar to India 3-4 years ago, in terms of the e-commerce market. This is a $ 8 billion market that is expected to grow around $ 28 billion in the next 3-4 years, “Amar Nagaram, CEO, Myntra, said in an interview. “We look forward to 5X growth from partnerships over the next two years. Mytra will continue to explore new markets to build an internationally reputed brand and expand its global consumer base, “he said.
Myntra’s research identifies high-level potential channels throughout the world that offer significant opportunities in online mode segment. Among these, the Middle East stands out in terms of audience demographic profile, very high cellular penetration, similarities in fashion preferences and large populations of Indians.
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E-commerce is valued at $ 8.3 billion in 2017 in the Middle East and North Africa (MENA) region and this is expected to grow at a strong rate (more than triple) in 2022 to reach $ 28.5 billion, according to research by Bain & Company and Google.
The average internet penetration rate in this region is very high (around 70 percent). For certain countries such as the UAE and Saudi Arabia, the number reaches 90 percent according to various industry sources.
Early last year, when Myntra wanted to go international, Walmart helped companies take advantage of the e-commerce market in Canada.
“I don’t think a player of that size would allow us to do a trial. Walmart really gave us space and a platform to experiment which gave us a lot of learning. This helps us understand the international market, “Nagaram said. “Now with Noon and Namshi, from day one, we talked about scale,” he said.
With Myntra Fashion Brands entering the Middle East, the company mostly bets on the casual clothing category, which forms the majority of businesses in its domestic market. This is also in tune with the latest trends that indicate recent changes towards T-shirts, comfort pants and active clothing, encouraging focus in the same category. This shift in trend was driven by major changes in lifestyle, due to the ongoing pandemic.