Marking another milestone in its effort to offer the best of brands and shopping experience to its customers, Myntra welcomes Tata Group’s Tanishq onboard. With the launch of ‘Mia’ by Tanishq, Myntra forays into the fine jewellery category. This event marks the next phase of Myntra’s rapid growth, as the company expands into the lifestyle segment, offering consumers the best of fashion and lifestyle on a single platform.
In a segment that is largely untapped and has the potential for tremendous growth in future, Myntra aims to make itself a major online destination for jewellery shopping. “We are looking at a revenue of Rs. 500 crore in the next three years from the segment. We will also bring in more choices for the customers,” said Myntra’s Head E-commerce Platform, Prasad Kompalli.
The overall jewellery category in the country is currently estimated to be about Rs. One lakh crore and around 80 percent of this is contributed by fine jewellery category. However, only around 2 percent of the overall jewellery market in India is retailed online, and this is where Myntra is looking to become a market leader.
Mia is made for the young, vibrant, working women who are increasingly warming up to online shopping. The collection on Myntra includes earrings, rings, bangles and bracelets starting at a price point of Rs. 3000, going up to Rs. 50,000.