In a move to foster an ecosystem for entrepreneurship in India, e-commerce firm Myntra.com has announced the launch of year-long ‘Designer in Residence’ programme under its Myntra Fashion Incubator (MFI) initiative. The firm is now inviting applications from all design graduates and fashion entrepreneurs to incubate their business under the programme.
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.
Speaking on the launch of MFI, Mukesh Bansal, CEO of Myntra and Head of Fashion, Flipkart said, “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.”
“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 programme,” he added.
A panel of 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 MFI team and will then receive financial support to create designs for one season. MFI will provide them the opportunity to showcase these brands on various platforms and also help retail the same on Myntra platforms.
The fashion portal will further invest close to US$1 million in equity stakes in the best performing brands after reviewing them for six months to a year.
The first batch of the incubator programme is expected to roll out in January 2015 and as many as 10 entrepreneurs will get on board early next year. The last date for submission of application is October 31, 2014.