MUMBAI: The e-commerce sector saw a purple patch last year and continues to do so.
Recently, LimeRoad raised $15 million series B funding; Jabong too closed a multi-hundred million dollar investment deal and Amazon India entered the fashion and lifestyle category.
Keeping up with the competition is surely going to be tough. Therefore, to bring high quality and affordable lifestyle products to the customers, Flipkart has joined hands with Myntra, an e-commerce platform for fashion and lifestyle products. Bangalore-based Myntra has partnered with more than 650 leading fashion and lifestyle brands in the country.
Sachin Bansal and Binny Bansal, the co-founders of Flipkart, and Myntra’s founders, Mukesh Bansal and Ashutosh Lawania, are excited to work with each other. In this new association, along with being the CEO of Myntra, Mukesh Bansal will also head the fashion business for Flipkart and join the board.
“We believe that the future of fashion in India is e-commerce. We have known Mukesh for a long time and are delighted to partner with him. Myntra has a strong team with excellent domain knowledge. They also have the best relationships with lifestyle brands. This partnership will strengthen both our positions in the fashion space. We will continue to work as independent entities and grow together as leaders in the Indian fashion and lifestyle industry," said Flipkart co-founder Sachin Bansal and Binny Bansal jointly through a statement.
"We are excited to partner with Flipkart, the biggest e-commerce platform in India. Sachin, Binny and their team have built a pioneering e-commerce platform on a foundation of strong technology and customer centricity. Flipkart is the most powerful e-commerce brand in India and has a very ambitious agenda to build the next generation of retail in India. Leveraging mutual strengths, we will build Myntra into India's leading fashion powerhouse and create many original fashion brands," said Myntra co-founder and CEO Mukesh Bansal.
This partnership will support Flipkart’s and Myntra's shared mission to bring high quality and affordable fashion and lifestyle products to each and every Indian consumer. Post this announcement, Flipkart and Myntra will continue to work as independent entities and grow together as leaders in the Indian e-commerce industry.