Fashion, beauty, and lifestyle brand Myntra has unveiled a dedicated store for all things luxury, Myntra Luxe, on its app. The segment offers luxury connoisseurs access to a curated collection of their favourite luxury brands. Myntra has also joined hands with The Collective, India’s first multi-brand luxury lifestyle retailer that has curated a collection of brands like Polo Ralph Lauren, Ted Baker, Hackett London, Hugo, and Fred Perry etc. As many as 65 brands are included in Myntra Luxe.
“We are very excited to bring The Collective to Myntra Luxe. E-commerce at The Collective has displayed very strong momentum. Our partnership with Myntra will allow us to expand our reach,” said Amit Pande, Brand Head, The Collective, on the launch of Myntra Luxe.
“Myntra Luxe brings leading global luxury brands within easy reach of a growing cohort of shoppers looking up to this category in the country. During the pandemic, we witnessed a sharp rise in demand for luxury brands on our platform, which prompted us to create a dedicated offering,” said Sharon Pais, Chief Business Officer, Myntra.
According to data collected by Forrester, the Indian luxury e-commerce market is expected to reach US $ 1.3 billion by 2023, growing at a CAGR of 29 per cent, one of the highest in the world. This increasing shift in luxury consumption is due to higher disposable income, accelerated digitisation, growing globe-trotting culture and fashion aspirations that come with it, as well as growing inclination towards exclusivity, originality and indulgence.