‘Myntra’, online fashion retailer, plans to launch a new sale event next month based on high fashion and minimal discounts as it seeks to shift towards selling full-price products. Myntra expects to generate between Rs 60 and Rs 100 crore during the three-day event.
The new sale concept is inspired by the flash sale model of smart phone brands such as Xiaomi, in which online platforms create supply scarcity to boost demand and sell them in small batches in well-publicized sale events. Myntra hopes to make the sale more attractive by promoting high fashion in its marketing campaign for the event.
The value proposition of the sale includes four things. The fresh selection, comprising new season launches. Secondly, new brand launches such as Hugo Boss and Esprit. Thirdly, Myntra will do innovative gigs with celebrities and brands, which are now willing to do spike events with full price because it helps enhance its brand. Fourthly, there will be exclusive collections. The aim is to get existing customers to buy more full-price than they have before.
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