Nearly seven months after Myntra announced its intent to go offline, online fashion marketplace Myntra today opened its first brick and mortar store — for its private label Roadster — The retail store is called Roadster which the company claims is their top selling private label brand.
Myntra’s Roadster store acquired 3,500 sq ft out of Blackberry’s 8000 sq ft of showroom located adjacent to Myntra’s store at Indiranagar. Roadster, which contributes 8% to the overall revenue according to the company, is well on its way to achieve a run rate of Rs 1000 crore by FY 19.
“The idea is to create an integrated omnichannel experience and showcase the Roadster brand. We will also view this as an experiment to use the insights and experience gained from this setup and apply this to our other brand partners,” Ananth Narayanan, chief executive of Myntra and Jabong said.
According to the company, virtual reality has been used for a special feature called ‘Highway 360’ which takes people through an immersive and interactive virtual road trip through dramatic locations and unique experiences before bringing them back to the store. A road ramp on the other hand creates personalized memorabilia from the journeys yet to be taken, using green-screen technology that transports visitors to rare locations and experiences.
Launched in 2012 by Myntra, Roadster is fashion e-tailer’s most profitable private label and has reached a run rate of Rs 500 crore in 2016 and according to the company’s claims, is expected to achieve a run rate of Rs 1,000 crore by FY19.
Ever since Myntra acquired Jabong for $70 million in an all-cash deal last year, the fashion e-tailer is currently perceived as the market leader in the online fashion and lifestyle category, accounting for nearly 70% of the market share by various estimates. Myntra has a total of 14 brands, including Roadster, under its private label category such as Moda Rapido, DressBerry, Yellow Kite, Kook N Keech and Invictus among others.