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Online fashion retailer Myntra on path to achieving $1bn GMV
24 Aug '16
1 min read
Indian online fashion retailer Myntra is on the path to achieving the $1 billion Gross Merchandise Value (GMV) mark in the current fiscal, while becoming the first ever Indian fashion online store to post $1 billion run rate in annualised average GMV (post discounts) in July 2016, according to Myntra CEO Ananth Narayanan, who spoke to the media.
“In the past month, Myntra has taken a few market transforming steps with a focus to continue to transform fashion and lifestyle in India through technology," he said.
When asked about turning profitable, he informed that the online fashion store would turn profitable early next year, while continuing to strengthen key strategies, which helped it post a 70 per cent year on year growth in the first four months of fiscal 2017.
In order to bring offline experience closer to its consumers, Myntra will open brick-and-mortar stores within the next three months, with the expectation that the omni-channel strategy will improve confidence in online shopping. (AR)
“In the past month, Myntra has taken a few market transforming steps with a focus to continue to transform fashion and lifestyle in India through technology," he said.
When asked about turning profitable, he informed that the online fashion store would turn profitable early next year, while continuing to strengthen key strategies, which helped it post a 70 per cent year on year growth in the first four months of fiscal 2017.
In order to bring offline experience closer to its consumers, Myntra will open brick-and-mortar stores within the next three months, with the expectation that the omni-channel strategy will improve confidence in online shopping. (AR)
Fibre2Fashion News Desk – India
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