The fashion and casual lifestyle products selling e-commerce site Myntra has recently revealed the 10 shortlisted names for its Myntra Fashion Incubator (MFI) programme, a mentorship and support initiative to promote young fashion entrepreneurs and designers.
The shortlisted names were chosen from a list of 30 applicants, who were asked to present their creative and scalable business ideas along with implementation strategies to transform into sustainable business ventures through the programme.
Talking about MFI, Mr. Abhishek Verma, the senior VP of Myntra Fashion Brands, said, “We have been excited about this initiative since day one, and now as this programme is brought to life with these finalists, we believe it is going to revolutionise the fashion industry and set a new hallmark.”
“At Myntra, we value and encourage the entrepreneurial spirit and therefore with initiatives like MFI, we aim to provide support to young talent and empower them to create sizeable indigenous fashion brands in the long-run. Through this initiative, we will also strengthen our commitment of building original, aspirational brands designed to be at par with latest global trends,” he said.
As part of the one year Designer In Residence (DIR) Program, the online retailer will provide the selected candidates necessary design and work infrastructure, capital support and mentorship from a team of acclaimed designers. The DIR Program would cover essentials like branding, consumer behaviour, product design and development, pricing, inventory planning, retailing and financial planning among others.
The first batch of the incubator programme will occupy the design space inside the Myntra campus by 15th January 2015 and work full-time on their brand. MFI will also provide these candidates an opportunity to showcase their brands in various platforms as well as to be retailed on Myntra.com. After completing one season, they can also pitch their fashion designs to MFI advisory board for investments to scale their business.
