MINTOBAY: Revolutionizing Fashion for Trendsetters
The 10 Best CEOs to Esteem in 2024
In an industry flooded with fast fashion and fleeting trends, Puneet Bajaj, CEO and founder of Mintobay, recognized a persistent gap—a platform that not only brings global fashion to India swiftly but also caters to the distinct tastes of trendsetters. Puneet’s inspiration was fueled by the need to offer a dynamic fashion destination where the latest styles are not just followed but created. Thus, Mintobay was born, a blend of innovation and style, designed to revolutionize the fashion industry and address the everevolving demands of fashion enthusiasts.
Company Profile and Services
Mintobay is a vibrant fashion house that prides itself on being a hub for trendsetting brands. The name itself is a fusion of “Minting,” symbolizing the creation of something new, and “Bay,” signifying a land of opportunity. At Mintobay, new fashion is minted daily, catering to a diverse audience with a keen eye for style.
Bene Kleed, one of the brands under Mintobay, means fine clothing and stands out as one of India’s first Gen Z brand and the fastest-growing brand on Myntra, bringing global fashion trends to the Indian market and targeting young trendsetters.
IVOC, another flagship brand of Mintobay, embodies the philosophy of “My Fashion, My Voice.” This lifestyle brand offers an extensive range of daily essentials and smart casual wear, ensuring inclusivity for everyone. Designed to cater to a broader audience, IVOC appeals to individuals across various life stages, providing stylish and practical fashion solutions for adults.
Ura Street, inspired by Tokyo’s Ura Hara Street, is known for its iconic street-wear fashion. Launched on May 30, 2024, this brand focuses on premium designer streetwear for the younger demographic, targeting Gen Z.
Unique Services of Mintobay
Operating from Bangalore, Mintobay offers exceptional services tailored for the local market:
• Same-Day Delivery: Ensures customers receive their orders within hours.
• Try and Buy: Allows customers to try on their purchases upon delivery, with immediate options for return, exchange, or purchase. This eliminates the typical backand-forth courier process, making it eco-friendly and sustainable. Additionally, it is highly convenient for customers as the lead time is reduced from 3-4 days to just a few minutes.
• Free Alterations: Provides complimentary alteration services for a perfect fit.
Communicating Values and Vision
Puneet emphasizes the importance of transparent and ethical practices. Mintobay maintains open communication with customers about products, services, and pricing, building trust and longlasting relationships. Their vision is to be the premier platform for trendsetters, offering the most innovative and sought-after fashion products.
Strategic Differentiation
Mintobay is at the forefront of fashion, driven by a commitment to rapid innovation and a deep understanding of evolving trends. The brand’s dynamic approach ensures a fresh and diverse product lineup, catering to the desires of fashion-conscious individuals. One of Mintobay’s key strategic differentiators is the innovative “TGI Friday Drop” event, a staple since the company’s inception.
Every Friday at sharp 12 PM, the brand unveils fresh trends with live Instagram sessions where designers showcase and discuss the new trend, followed by a live fashion walk. Simultaneously, the new collection goes live on the website for immediate purchase.
This approach keeps Mintobay at the forefront of fashion trends, offering customers the convenience of staying updated and making real-time purchases. This dynamic strategy cements Mintobay’s reputation as a forward-thinking, customer-centric fashion leader.
Impact on the Fashion Industry
Mintobay leads in fashion by introducing global trends weekly, ensuring quick, fair price access to the latest styles. They prioritize inclusivity, serving diverse demographics like the LGBTQA+ community and plus sizes.
Moreover, Mintobay promotes sustainability through initiatives such as the Try and Buy service, reducing returns and waste. Their #NotOldYet Recycling Program encourages clothing recycling, supporting a circular fashion economy.
These efforts highlight Mintobay’s commitment to ethical fashion practices, setting a standard in inclusivity and sustainability. By embracing rapid trend turnover and fostering eco-friendly initiatives, Mintobay meets diverse consumer needs while promoting conscientious shopping choices.
Business Model and Competitive Edge
Mintobay’s competitive edge lies in their ability to offer quality products at fair prices due to their in-house manufacturing. This stringent quality control not only ensures high standards but also provides cost benefits to customers.
Value-Added Propositions
The combination of unique services, sustainable initiatives, and quick commerce capabilities adds significant value for Mintobay’s clientele. These offerings not only enhance customer satisfaction but also build a loyal customer base.
Embracing Technological Advancements
Mintobay fosters a tech-savvy culture through pilot projects and a “fail fast” approach, encouraging calculated risks and learning from failures. The company also actively participates in industry conferences, seminars, and tech meetups, and maintains strategic partnerships with technology vendors to stay at the forefront of technological advancements.
Significance of Research and Development
R&D is the backbone of Mintobay’s growth strategy. It ensures the company stays updated with the latest trends, preventing unsold stock. The dedicated market research team constantly explores global trends, ensuring the collection is always in sync with the latest fashion. R&D also plays a crucial role in innovation, quality improvement, sustainability, and cost efficiency.
Leadership and Professional Development
Puneet’s leadership style emphasizes empowerment and collaboration. He fosters a culture of transparency, open communication, and innovation, encouraging team members to take initiative and contribute to the company’s goals. Leadership development is nurtured at all levels through mentorship, regular feedback sessions, and monthly leadership meets. Professional development opportunities abound, with various training programs, workshops, and cross-department training fostering collaboration and career progression.
Work Culture
Mintobay’s work culture is characterized by its youthful, energetic, and dynamic atmosphere. The company balances hard work with play, offering a gaming zone for relaxation and recognizing contributions through programs like “Shout Out of the Month” and the annual awards event, “Umang”. Regular activities and initiatives keep the team engaged and foster a strong sense of camaraderie.
Achievements and Accolades
Shakti Brandz Private Limited, the parent company, has achieved remarkable milestones, establishing itself as a leader in the fashion industry. Among its notable accomplishments is Bene Kleed, recognized as the fastest-growing brand on Myntra. With a strong presence on major e-commerce platforms such as Myntra, Ajio, Flipkart, Amazon, Tata Cliq, Jio Mart, and their direct-toconsumer website, the company demonstrates extensive market reach. It has garnered industry acclaim for innovative products and services, consistently achieving high customer satisfaction.
The establishment of the first Gen Z brand and the first quick commerce brand for fashion in Bangalore highlights Mintobay’s forward-thinking approach and adaptability to market trends. Puneet’s recent accolade as “Successpreneur of the Year – Online Fashion” marks a significant achievement in the fashion industry. The company has also surpassed significant annual revenue milestones, underscoring its financial success and growth in the competitive fashion industry.
Commitment to Sustainability
Mintobay’s #NotOldYet Recycling Program stands out as a testament to their commitment to sustainability. This initiative involves collecting old clothes from customers’ doorsteps, recycling them, and rewarding customers with discount coupons. Combined with their innovative Try and Buy service, which allows customers to try on the garments after purchase while the delivery person waits at the doorstep, Mintobay ensures minimal waste and maximum customer satisfaction.
All deliveries are conducted using electric vehicles, emphasizing the company’s eco-friendly approach. Mintobay’s efforts have led to the recycling of over 30,000 garments, significantly reducing their carbon footprint and setting standards for sustainable fashion practices.
Future Endeavors
Mintobay is set to expand its reach and enhance customer engagement through an omnichannel approach, integrating online and physical retail channels for a seamless shopping experience. The company aims to personalize interactions and streamline operations using technology and data analytics. Plans for global expansion are also in the works, bringing Mintobay’s innovative products and trends to a broader audience.
Message to Aspiring Entrepreneurs
Puneet passionately encourages aspiring entrepreneurs to chase their dreams with unwavering confidence. He believes that with solid business acumen and careful planning, securing funds and achieving success is not just possible, but assured. He advises leveraging banks and government schemes, emphasizing that these resources are there to support one’s journey.
He urges budding entrepreneurs to take the leap, reminding that the greatest successes often come from bold decisions. “Embrace the challenges, trust in your vision, and go for it with all your heart. Your entrepreneurial dreams are within reach!”- Puneet
