Flipkart’s Myntra.com today announced the launch of ‘Designer in Residence’ program under its Myntra Fashion Incubator (MFI) initiative to “inspire young entrepreneurs and designers who have a flair for the business of fashion.”
Myntra is now inviting applications from all design graduates and fashion entrepreneurs to incubate their business under the ‘Designer in Residence’ program.
Application process for the same has started and interested designers can visit www.myntrafashionincubator.com for more details, or can write to mfi@myntra.com for any queries. The last date for submission of application is 31st October, 2014.
“The idea behind setting up the Myntra Fashion Incubator is to mentor young entrepreneurs who do not have access to capital, supply chain and distribution platforms, and empower them to create sizeable indigenous fashion brands in the long-run,” said CEO of Myntra and Head of Fashion, Flipkart, Mukesh Bansal.
“This fashion incubator initiative is an attempt to strengthen our commitment of building sustainable and aspirational fashion brands within the country. We will unearth the talent from every part of India and give them a platform to make it big in the Indian fashion space through this exciting program.”
The emphasis of this initiative will be on identifying a business idea that has the potential to scale and sustain itself in the fiercely competitive fashion and lifestyle market, the company said.
A panel of well-respected judges and experts from the industry will put the shortlisted participants through rigorous assessment and the final set of participants will get an opportunity to work on their idea under the guidance of Myntra Fashion Incubator team. The first batch of the incubator program is expected to roll out in January 2015 and as many as 10 entrepreneurs will get on board early next year.
The Designer in Residence is a yearlong program, targeted at budding designers with a unique brand idea to create and develop a fashion business in India. Participants will be mentored and trained by experts and also receive financial support to create designs for one season. MFI will also provide opportunity to showcase these brands in various platforms as well as help retail the same on Myntra platforms.
Through this program, Myntra will encourage budding designers to test their entrepreneurial skills, ensure they operate independently and allow them to build powerful independent brands. The fashion portal will further invest close to $1 million in equity stakes in the best performing brands after reviewing them for six months to a year.
Myntra has constantly ensured that Indian shoppers stay abreast with the latest global trends by making fashion easily accessible to all. Towards this vision, the brand has introduced several campaigns and initiatives like the Myntra Style Helpline, collaboration with Fashion Weeks and association with celebrities, designers and stylists, which have enabled Myntra to strengthen its fashion focus.