Myntra launches a ‘Fashion Incubator’ for designers to incubate their businesses
Myntra, a prominent eCommerce player in the fashion and lifestyle segment was recently acquired by Flipkart but continues to operate as a separate portal. In an effort to increase mind-share and competency in the fashion space it has launched a 'Fashion Incubator'. Under this incubator, Myntra.com has announced the launch of ‘Designer in Residence’ program which is an attempt to inspire young entrepreneurs and designers who have a flair for the business of fashion.
Myntra is now inviting applications from all design graduates and fashion entrepreneurs to incubate their business under the ‘Designer in Residence’ program. Application process for the same has started and interested designers can apply via the microsite- myntrafashionincubator for more details, or can write to [email protected] for any queries. The last date for submission of application is 31st October, 2014.
Speaking on the launch of MFI, CEO of Myntra and Head of Fashion, Flipkart, Mukesh Bansal said,
The idea behind setting up the Myntra Fashion Incubator is to mentor young entrepreneurs who do not have access to capital, supply chain and distribution platforms, and empower them to create sizeable indigenous fashion brands in the long-run. This fashion incubator initiative is an attempt to strengthen our commitment of building sustainable and aspirational fashion brands within the country. We will unearth the talent from every part of India and give them a platform to make it big in the Indian fashion space through this exciting program.
The emphasis of this initiative will be on identifying a business idea that has the potential to scale and sustain itself in the fiercely competitive fashion and lifestyle market. A panel of well-respected judges and experts from the industry will put the shortlisted participants through rigorous assessment and the final set of participants will get an opportunity to work on their idea under the guidance of Myntra Fashion Incubator team. The first batch of the incubator program is expected to roll out in January 2015 and as many as 10 entrepreneurs will get on board early next year.
The Designer in Residence is a yearlong program, targeted at budding designers with an idea to create and develop a fashion business in India. Participants will be mentored and trained along with financial support to create designs for one season. MFI will also provide opportunity to showcase these brands in various platforms as well as help retail the same on various platforms.
Through this program, Myntra will encourage budding designers to test their entrepreneurial skills, ensure they operate independently and allow them to build powerful independent brands. The fashion portal will further invest close to $1 million in equity stakes in the best performing brands after reviewing them for six months to a year.