Myntra expects 500 Cr revenues from jewellery segment by FY 2019!
The ubiquitous name in online fashion - Myntra, today introduced fine jewellery on its platform with the launch of Mia by Tanishq, India’s first work-wear jewellery brand. This event marks the next phase of Myntra’s rapid growth, as the company expands into lifestyle segment, offering consumers the best of fashion & lifestyle at a single platform.
Mia by Tanishq, a fine collection of work-wear jewellery designed especially for the modern working women, includes earrings, rings, bangles, pendants and bracelets and will be available on Myntra, ranging from INR 3000 to INR 50,000.
Speaking on the occasion, Prasad Kompalli, Head, eCommerce Platform, Myntra said, “The introduction of fine jewellery on our platform is an important step for the next phase of our growth and we will soon be a major online destination for purchasing jewellery. Tanishq is a brand that consumers admire and we believe Mia’s fabulous collection will be loved by women shoppers across the country.”
Commenting on the association with Myntra, Deepika Tewari, General Manager- Marketing, Jewellery Division, Titan Company Limited says, “We are delighted to announce our association with popular ecommerce retailer, Myntra as they foray into the jewellery segment. Mia by Tanishq, a fine collection of work wear jewellery designed especially for the working woman will now be available to Myntra shoppers. With this association we hope to widen our reach and cater to a larger audience of working women who are increasingly shopping online.”
In addition to offering fine jewellery to consumers, Myntra is retailing costume jewellery both by popular brands and in-house brands and designer jewellery by boutique brands. Currently, Myntra hosts over 40 fashion jewellery brands. With introduction of a wide collection of curated styles and designs, Myntra aims to appeal to a wide range of customers.
Overview of India’sJewellery segment says India is back to being number one in gold jewellery consumption by volume. The overall jewellery category in the country is currently around INR 1Lakh Cr, around 80% of which is contributed by the fine jewellery category. Around 2% of the overall jewellery market in India is retailed online.