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Flipkart-backed Myntra enters Singapore, targets 650,000 Indian residents
The Myntra Global website will showcase around 35,000 styles from over 100 Indian brands, including brands like Aurelia, Global Desi, The Label Life, House of Pataudi, Anouk, Bombay Dyeing, Rare Rabbit, etc
Under FDI regulations, entities in wholesale trade are restricted from making more than 25% of their sales to group companies. Myntra, however, sold 100% of its goods to Vector, the ED noted.
E-commerce platform Myntra has forayed into Singapore as part of its growth strategy. The Flipkart-backed company has launched Myntra Global in Singapore to cater to almost 650,000 Indians living in the Lion City, the company said.
Myntra CEO Nandita Sinha explained the strategy behind why the company chose Singapore as a foreign business destination. She said, "We have a huge Indian diaspora in a country like Singapore -- almost 650,000 Indians live in Singapore. As we were going through our data...we realised that almost 30,000 of these users are actually visiting us every month. We then decided to launch Myntra Global in Singapore".
Additionally, the company has aimed to build a stronger international brand affinity over the coming years.
The Myntra Global website will showcase around 35,000 styles from over 100 Indian brands, including brands like Aurelia, Global Desi, The Label Life, House of Pataudi, Anouk, Bombay Dyeing, Rare Rabbit, etc.
According to the company, the delivery of the orders will be done within an average of 4-7 days from India, supported by third-party cross-border logistics services.
Singapore's key e-commerce platforms operating include Shopee, Lazada, Aliexpress, Amazon, and Zalora.
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