MUMBAI: In a development that is expected to boost the growth of the thriving fashion industry in India, Myntra.com, today created history in the world of fashion by announcing the shortlisted candidates for the Myntra Fashion Incubator (MFI) program. Renowned designers from the fashion industry, experts in the retail industry along with Myntra’s leadership team revealed the shortlisted names after a rigorous selection process held at Crowne Plaza, Bangalore.
Close to 30 promising applicants were asked to present their creative and scalable business ideas to the jury explaining their strategy on how their designs and ideas can be transformed into a sustainable business venture through the MFI platform. Live demonstrations of sample designs were displayed by the applicants for the benefit of the judges and audience. The judges–Wendell Rodricks, Rina Dhaka, Rohit Gandhi & Rahul Khanna and Paras Bairoliya–analyzed each participant’s design concept and announced the best applicants in the evening. Industry officials like Anant Daga, CEO,TCNS Clothing company, Sandeep Mukim, CEO, Proline India Ltd, Simeran Bhasin, CMO, Wildcraft were also part of the jury.
As part of the one year Designer In Residence (DIR) Program, Myntra 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 & development, pricing, inventory planning, retailing and financial planning among others.
The first batch of the incubator program 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.
Abhishek Verma, Sr. VP, Myntra Fashion Brands said, “We have been excited about this initiative since day one, and now as this program is brought to life with these finalists, we believe it is going to revolutionise the fashion industry and set a new hallmark.” He further added, “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.”
Myntra, of late, has strengthened its private brands portfolio and entered into exclusive tie-ups with designer and international brands. The company has furthered its vision to create great fashion experiences for consumers and help them look good with services like the Style Helpline, ‘LookGood’ blog and the ‘Customer Wow’ initiative to name a few.
