Online fashion marketplace Myntra.com is reportedly close to signing an exclusive deal with Marks & Spencer (M&S) to sell the British retailer’s products on its platform.
The tie-up would make India just the second market where M&S will sell its products through a third-party website, reports the Economic Times.
The two companies have finalised the terms of the partnership and the final agreement is expected to be signed soon, people familiar with the development told the Economic Times.
Venu Nair, MD of Marks & Spencer Reliance, however, said the company has held talks with various e-commerce companies in India including Myntra, Jabong, Snapdeal and Amazon.
"We have not spoken just to Myntra but all online platforms. Those were more of general meetings but nothing has progressed beyond that," Nair was quoted in the report as saying, "Online is a channel that we said we will explore but currently we are nowhere close to that."
In India, M&S operates through a 51:49 joint venture with Reliance Industries. The company runs 47 M&S branded outlets and plans to more than double the number in the next two years. M&S sells products online through its own websites in several countries. Last year, the company switched from an Amazon-run e-platform to its own ecommerce site in the UK as part of its focus on online sales.
Related Tags:Online fashion marketplace, British retailerís products, exclusive deal, Marks and Spencer