Ananth Narayan, CEO of Myntra-Jabong, India’s leading fashion e-commerce sites has revealed some inside details about the most popular brands available on Myntra.
Apparently, two of the most popular privately owned fashion labels on their websites are not designed by any big designer but using artificial intelligence. The brands are called ‘Here and Now’ and ‘Moda Rapido’ (the latter is entirely under the creative direction of AI) and their catalogue consists of everything from graphic logo t-shirts, denims for men, ethnic kurtis and trendy dresses.
According to Myntra’s executives, these brands were a part of their in-house machine vision technology pilot project that was started in 2015. According to Myntra, the global fashion business is valued at US $ 2 trillion and over 3-4 per cent of this is spent on design. Even so, the industry has a heavy 20 per cent ‘lost sale’ which essentially refers to levying heavy discounts to move merchandise.
Soon, the idea behind creating an AI-designed brand became not just about facilitating business but also to create a much needed disruptive change in the industry. In this endeavour, it seems like Myntra has succeeded.
Both the brands stock clothing in the price range of INR 220 to 3,300 and according to Narayan, the brands have seen major commercial success since their launch.
Additionally the brands are now worth $ US 20 million in revenue and continue to grow at the rate of 180 per cent on a Y-o-Y basis. Narayan reiterated that these brands are profitable, adding, “Because you only have 3 product managers, 8 engineers and 4 designers which is very light for a brand of that scale!”
He also said that while both brands are in the top five, Here and Now is actually the second highest selling entity on the platform.
