Tendam Ventures into India through Strategic Alliance with Myntra, Eyes Robust Growth in Key Market
Spanish fashion giant Grupo Tendam, renowned for overseeing popular brands like Cortefiel, Springfield, and Women’secret, has unveiled a strategic partnership with Indian e-commerce leader Myntra to facilitate its entry and expansion into the dynamic Indian market. This move aligns with Tendam’s commitment to growth, with initial steps marked by the inauguration of two mall stores in Pune and Ludhiana. Over the next three years, Tendam aims to establish approximately 20 stores in India.
As outlined by Tendam, Women’secret, its intimate apparel chain, will spearhead this collaborative effort, a strategy consistent with the company’s established approach to entering new markets. Myntra, functioning as a franchisee partner for Tendam in India, is set to roll out the first wave of store openings. Commencing with two stores, this serves as a prelude to the envisioned network of up to 20 physical outlets, including Women’secret and other flagship brands within the Tendam Group.
Beyond physical retail, Myntra will play a pivotal role in developing the online presence for Tendam’s brands, embracing the omnichannel operating model integral to Tendam’s business strategy. Women’secret is already available on Myntra’s online platform.
Antonis Kyprianou, General Manager of Tendam Group’s franchise department, expressed enthusiasm about the collaboration, stating, “We are very happy to be able to count on a partner that allows us to develop our omnichannel business. Myntra is the ideal partner for us – it is aligned with our omnichannel strategy and has the capacity and knowledge to develop it fully in the country.”
This strategic collaboration not only marks Tendam’s foray into one of the world’s major emerging markets but also positions it strategically to tap into the enormous potential within India’s flourishing fashion industry. Partnering with Myntra, a local market expert, provides Tendam with a nuanced understanding of the Indian consumer landscape.
Myntra, having previously collaborated with global fashion brands such as H&M and Mango, further solidifies its position as a key digital operator in India. The company has ambitious plans to enhance Mango’s footprint, targeting around 110 points of sale by the end of the 2023 financial year.
Kyprianou emphasized the significance of this collaboration, stating, “India is one of the markets with the greatest potential in the world, and, for this reason, we want Tendam brands to have a significant presence there.” Leveraging Myntra’s local prowess aligns seamlessly with Tendam’s broader strategy to gain visibility and exposure in one of the world’s most promising markets.
In conclusion, the strategic partnership with Myntra not only paves the way for Tendam’s sustained growth in India but also positions Women’secret as a key player in this pivotal market, offering broader visibility and accessibility to a diverse customer base.