Myntra, which was recently acquired by flipkart, has announced the launch of ‘Designer in Residence’ Program under its Myntra Fashion Incubator (MFI) initiative. As a part of this initiative, Myntra invites all young entrepreneurs with great ideas to apply for a one year “Designer in residence” program. During this phase, the selected entrepreneurs will be personally mentored by seasoned designers, entrepreneurs and thought leaders of the fashion industry. At the end of the year, Myntra will help some entrepreneurs create sizeable indigenous fashion brands by providing help in areas of capital, supply chain and distribution. In addition, at the end of the program, Myntra can pick up equity stakes for up to a $1 million, in the best performing brands.
“The idea is to create sizeable indigenous fashion brands by mentoring young entrepreneurs who do not have access to capital, supply chain and distribution platforms,” said Mukesh Bansal, CEO, Myntra & SVP, Flipkart Fashion.
The emphasis of this initiative will be on identifying a business idea that has the potential to scale and sustain itself. The first batch is expected to roll out next year in January.
As a first step towards MFI, Myntra had invited submission for logo design for the MFI program. Myntra has not invited applications from all design graduates and fashion entrepreneurs to incubate their business under the program. The last date for submission of application is 31st October, 2014.
For more details visit http://www.myntrafashionincubator.com/