A deal has been inked between India-based fashion e-retailer Myntra and Spanish fashion brand MANGO. As per the agreement, Myntra now has the distribution and management rights for the label in the Indian market. The financial details of the deal are yet to be revealed.
The deal permits Myntra to curate and facilitate setting up 25 MANGO stores in the country and list the brand exclusively on Myntra and Jabong platforms over the next five years. “We will take the number of stores to 25 and these will be across the top cities in the country,” Myntra CEO Ananth Narayanan was quoted as saying by a leading news agency in India. He added that the company expects to help grow MANGO’s India business increase threefold in the years to come.
This is first-of-its-kind pact in India where an e-retailer has been given the opportunity to manage the omni-channel strategy for a global fashion brand.
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This association is the result of 100 per cent growth in business on Myntra platform since 2014, when MANGO listed itself on the platform. “We have seen 100 per cent growth in business on Myntra platform in the last three years and that has given us the confidence for this partnership,” MANGO Vice-Chairman and Member of the Board of Directors Daniel Lopez said.
MANGO has a global network of 2,200 stores in 110 countries. The fashion label forayed into the Indian market in the year 2001.