Flipkart and Myntra together plan to launch the first-ever fashion incubator by an Indian company to dominate the online apparel category, according to a leading daily. The duo will give a retail platform to select fashion entrepreneurs along with an opportunity to hold an equity stake in the best performing brands after a year or so.
Big technology forms usually run the startup incubators to find new ideas and talent but this would be the first time that an Indian ecommerce company will do so, the paper reports.
Flipkart and Mynta plan to choose around 3-5 such brands every year which later can be sold online and offline, said a top company executive. The incubator’s first bacth is expected to be launched in July getting around 20 entrepreneurs on board.
Myntra was acquired by Flipkart last month for Rs 2,000 crore. Mukesh Bansal, CEO, Myntra & SVP, Flipkart Fashion said that with a growing focus on private brands, the Flipkart-Myntra entity may also look for acquisitions in the future to strengthen its fashion portfolio.
