Flipkart’s fashion arm Myntra is planning to open its first offline cosmetics store in Bengaluru. The move is part of the company’s strategy to leverage offline presence to grow its cosmetics business.
Myntra has been talking about its plans to open 100 offline stores in next two years. The Begaluru-based company is scouting for large spaces in malls and high streets across top cities at present.
According to Ananth Narayanan, chief executive of Myntra-Jabong, the company will enrol franchisees to run the beauty and cosmetics outlets. Flipkart acquired Myntra in 2016 in a deal which valued the company at $70 million.
“Beauty and personal care is a fast growing segment for us which has been growing at 400% YoY. Today we have over 250+ leading brands across categories such as Makeup, Skin Care, Bath & Body, Perfumes and Beauty Appliances. We will work with a franchise partner to curate offline stores for the beauty segment,” said a Myntra spokesperson.