E-commerce platform Myntra on Friday said it has bagged franchise rights for U.K.'s fashion brand NEXT for the country.
Myntra has signed a franchise agreement with U.K.'s fashion brand NEXT to this effect.
The association allows Myntra Jabong Pvt. Ltd, Myntra's B2B wholesale entity, the right to distribute NEXT's range of products, while holistically scaling NEXT's omni-channel presence in India, a company statement said.
"As a part of this franchise agreement, Myntra's business-to-business entity will set up NEXT branded stores in India," it said.
It added that the association enables NEXT to tap into the vast, diverse and ever-evolving Indian market by allowing Myntra Jabong Pvt Ltd to distribute its products on a wholesale basis.
"With a successful trajectory of growing NEXT online in India, our first year of working together has resulted in establishing the right product, audience and price fit in the country."
"With a strong playbook in exponentially building adoption for global brands ground-up, we are looking forward to unlocking the next phase of growth in the brand's India scale-up journey," said Nandita Sinha, Chief Executive Officer, Myntra.
As many as 8-10 NEXT stores will be opened across key Indian cities, including Delhi, Mumbai, and Bengaluru within the first couple of years of operations, along with an extensive online presence on Myntra's platform, bolstering NEXT's omni-channel presence in the country.
Myntra will now also be able to introduce other NEXT wholly or partly-owned brands like Reiss, Lipsy, Joules, Love and Roses, and Friends Like These, to the Indian market.
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