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In a pivotal development, NEXT, UK’s global fashion brand, has deepened its partnership with Myntra by awarding its distribution and management rights to Myntra Jabong.
The association allows Myntra Jabong, it’s B2B wholesale entity, the right to distribute NEXT’s range of products, while holistically scaling NEXT’s omni-channel presence in India, the company stated in a press release.
As a part of this franchise agreement, Myntra’s B2B entity will set up NEXT branded stores in India.
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, aiding the brand in establishing a strong consumer base via independent third-party franchise partners and distributors.
With this development, eight to ten 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.
The association also opens up the potential for Myntra to introduce other NEXT wholly or partly owned brands to the Indian market. These include Reiss, Lipsy, Joules, FatFace, Jojo Maman Bebe, Love and Roses, and Friends Like These, among others.
Simon Wolfson, NEXT chief executive said, “We are hugely excited to be working with Myntra in one of the world’s fastest growing markets and very much look forward to seeing what can be achieved together.”
Adding on, Nandita Sinha, chief executive officer, Myntra, said, “We are thrilled to deepen our association with NEXT and strategically build its omni-channel presence in the country. 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.”
This development further bolsters Myntra’s internationally licensed brand portfolio which includes multiple leading global brands.
“We will continue to scale up and focus on omni-channel expansion while leveraging newer opportunities in high convenience formats to build stronger brand affinity in India,” said Vishal Chaturvedi, vice president, retail and operations, The Body Shop.
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