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Fashion e-tailer Myntra claims $1-bn sales | Canindia News

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Fashion e-tailer Myntra claims $1-bn sales

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CanIndia New Wire Service 0 comments

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Bengaluru, Aug 22 (IANS) Leading fashion brands e-tailor Myntra on Monday claimed it has crossed $1-billion (Rs.6,720 crore) in sales after discounts in July.

“We have crossed $1-billion run rate in annualised GMV (Gross Merchandise Value) post discounts in July,” Myntra Chief Executive Ananth Narayanan told reporters here.

GMV indicates total sales in online retailing for merchandise sold through a particular marketplace over a specific timeframe.

“Sales volumes were propelled by growth of our brands, increased contribution of international brands, high growth in sportswear and womenswear category and ‘End of Reason’ sale,” said Narayanan on the occasion.

The billion-dollar milestone in terms of GMV came in the month (July) when e-tailer Flipkart-owned Myntra bought e-store Jabong from the London-based Global Fashion Group for $70 million (Rs.471 crore) in cash to consolidate its position in the fashion and lifestyle segment.

“This betters our January 2016 performance when we had clocked $800 million in annualized GMV and registered 70 per cent year-on-year growth in the first four months (April-July) of this fiscal (2016-17),” Narayanan recalled.

Bengaluru-based Flipkart acquired Myntra in May 2014 for an estimated $300 million.

Reflecting on Jabong’s acquisition, the top executive said the buyout had created the country’s biggest fashion shopping destination in the digital world.

“We are set to define the next generation of online shopping, with a combined base of 15 million monthly active users and offering the best of brands to Indian consumers,” Narayanan asserted.

Noting that the branded fashion market was expected to grow twice as fast as the overall fashion market over the next five years, Narayanan said the portfolio of domestic and international brands was expanding.

The brands include batting maestro Sachin Tendulkar’s True Blue, Khadi Originals from IndusDiva, TOMS and Meters/bonwe.

“We are also targeting growth in new segments such as home furnishing, re-launching personal care business and expanding sales of fine jewellery,” Narayanan added.

–IANS

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