India’s leading online fashion retailer Myntra has recently acquired Pretr, a home-grown omni channel fashion platform in a bid to extend its push towards establishing the brand as a retailer across channels.
Flipkart-owned fashion retailer believes that this acquisition will enable the e-retailer to build omnichannel partnerships with brands on its marketplace and provide a comprehensive solution to retailers to enhance their own omnichannel journey.
Notably, both the involved parties refused to reveal the terms and the details of the complete acquisition.
Ananth Narayanan, CEO, Myntra, elucidated that one big investment that the company has done, which is paying off well is omnichannel. “We just bought Pretr and we are thrilled about it. At the time of acquisition, they had already linked up with 30-40 brands for store inventory and we are eyeing to take that number to 100 brands by the end of this year,” the CEO said.
With this acquisition, Myntra is targeting to develop omnichannel partnerships with brands on its platform and provide a complete solution to the retailers to enhance their business. A brand’s customer on Myntra will have an integrated view of brand’s stock online as well as offline and they can also avail value-added services like same-day delivery, click and collect and exchange at the brand’s outlet.
Ananya Tripathi, Head Category Business & Chief Strategy Officer, Myntra claimed, “The company is looking to collaborate with 50 such strategic brands in the next one year across all their stores and that will enable us (Myntra’s private fashion labels) to deliver the most unmatched and unseen in-shop experience to our customers”.
