The Union textiles minister Smriti Irani launches handloom brand 'Navibhu' with a view to tap the niche but expanding customer interest in the Indian handloom industry. Navibhu is the handloom brand of Myntra, India's leading platform for fashion and lifestyle. The initiative will boost the traditional handloom industry while supporting the weavers.
"I wish Navibhu - a brand born with the richness of our culture and textile heritage - great success ahead. There is rapid growth in sales of niche India Handloom Brand products on e-commerce platforms which touched over Rs 260 crore within two years. Over 900 production units have registered under India Handloom Brand providing a sourcing base for new e-commerce players in the sector," said Irani adding that Myntra has also agreed to bear 25 per cent of the cost of education of handloom weavers and their ward through National Institute of Open Schooling and Indira Gandhi National Open University.
The brand was unveiled at Myntra's 6th Annual Brand Summit - Tech Threads 2017. More than 200 delegates from leading domestic and international brands participated in the summit that deliberated on the role of e-commerce in shaping the growth of fashion in India. The event also served as a platform for Myntra to acknowledge its valued partners, recognise best performers, and announce new collaborations and customer-centric innovations.
"As a front runner in the fashion industry, we are proud to be part of the government of India's initiative to preserve and rejuvenate our traditional handloom art forms. We continually strive to provide our customers and brand partners an enhanced customer experience. Our technology innovations, exclusive brand associations, omni-channel play as well as initiatives such as the brand accelerator programme have helped us maintain a steady growth rate of 50 per cent YOY and a leading market share of 40 per cent along with Jabong," Ananth Narayanan, chief executive officer, Myntra & Jabong, said.
At the summit, Myntra also showcased how it is leveraging technology to fuel its next phase of growth with the launch of two breakthrough technology innovations -Rapid as a Service and Myntra Mirror. Myntra has been using Artificial Intelligence to power the design of its fastest growing, most profitable private labels, Moda Rapido and Here&Now and will now extend this technology to other brands and retailers through a software-as-a-service model. Myntra Mirror is an artificial intelligence-based service set to revolutionise the customer-brand interface. The technology engages with customers and provides feedback regarding the customer's 'look' based on style, fit, brand and seasonality. (RR)
Source Fibre2Fashion News Desk – India