Flipkart owned fashion Marketplace Myntra is going to launch its first online sale post-COVID-19 lockdown with a discount of 50 – 80% in association with top fashion brands including Adidas, Calvin Klein, Biba, Marks and Spencer, and H&M. The end of the reason sale is planned to be organized between June 19- 22. This is the most awaited sale to win back to Shoppers with Value offers.
“Last year, discounting by brands were more in line with industry trends. This year, it is more in line with consumer trends. Participating brands are giving 50-80% value offers,” Amar Nagaram, chief executive of Myntra, told ET.
India was under complete lockdown since PM Modi announced it on March 24 due to the Covid-19 outbreak resulting in fashion retail companies earning zero revenue. Apparel and lifestyle brands were neither allowed to open stores nor sell online until early May.
With a sudden shift to online fashion, brands have been prioritizing their investment into e-commerce channels and diversifying into other categories such as face masks. About 50 new brands including Charles & Keith, La Senza, Gant, Globus, and Chicco have partnered with Myntra to stay relevant and capitalize on its wide distribution network. Even offline stores of brands such as Mango and Gap and kiranas have been engaged for quicker and last-mile delivery during the sale
“Supply chain is the worst hit because of Covid-19. While brands are talking about how we make their business stronger online, we are also asking them to rope in their offline stores as part of new retail. Both need to coexist in the post COVID world. Consumers must have options even to return goods and receive alteration services. The short-term financial impact is not the focus,” he added.