Home / Knowledge / News / Apparel/Garments / Myntra sets sight on $1 bn GMV next fiscal
Myntra sets sight on $1 bn GMV next fiscal
29
Jan '16
Online fashion platform Myntra has clocked $800 million in annualized GMV in January 2016, taking it closer to the target of reaching $1 billion GMV by FY 2016-2017. Sales volumes for the month were propelled by growth of Myntra Fashion Brands, increased contribution of international brands including new marquee brands such as M&S, Forever 21, high growth in womenswear category and a hugely successful End of Reason sale. Discounts have dropped by 6 per cent and supply chain cost reduced by 5 per cent in the last quarter, the company said in a press release.

“January has been the biggest month ever for Myntra. I am happy to share that we have achieved an annualized GMV of $800 million. Our focus for the year will be to attain positive gross profit while maintaining scale during the year. We plan to build on the momentum in the first month to touch $1 billion GMV by FY 2016-17,” said Ananth Narayanan, CEO, Myntra.

In 2015, the company adopted three-pronged strategy which helped the company clock growth of 70 per cent YoY. First, there was a focus on brand mix that appealed to the price conscious as well as the fashion and brand conscious. Second, the company worked towards greater efficiencies arising out of increasing scale and better management of business processes. Finally, better cost management through a series of rationalization measures have ensured better return on the money spent, be it in marketing or infrastructure.

Myntra focused on building a large portfolio of domestic and international brands in 2015. “Online fashion consumers are largely brand seeking. Brands will grow and define future of fashion. We expect the branded fashion market to grow twice as fast as the overall fashion market in the next 5 years. We now plan to be profitable at scale in FY 2016-17, with consistently high growth rates,” said Prasad Kompalli, Head, E-Commerce Platform.

By the end of December 2015, there were over 2000 brands on the Myntra platform, of which 800 new brands had come on board in 2015. The top brands for the year were Roadster, Puma, Nike, Vero Moda and UCB.

The year also saw a growth in Myntra Fashion Brands, led by Roadster, which became the highest performing brand on the platform. Roadster aims to clock Rs.400 crore in 2015-16 and become a $100-million or Rs 650-crore brand by end of 2016. The in-house brands saw an increase in contribution in overall revenue to 20 per cent in 2015. The focus area for FY 2016 is to increase contribution of in-house brands to 25 per cent.

Myntra currently has more than 30 international brands on its platform, including Scotch &Soda, Harley Davidson, Ferrari, Desigual, Forever 21, The North Face, Timberland and Marks & Spencer out of which 25 were added in 2015 alone.

The overall contribution of global brands by December end was 5 per cent, which Myntra expects to increase to 15 per cent by FY 2017. The leading international brands were Forever 21, Mango, Antony Morato, Scotch & Soda and M&S, the release said. (SH)

Fibre2Fashion News Desk - India


Must ReadView All

Courtesy: BekaertDeslee

Textiles | On 23rd Oct 2017

BekaertDeslee to expand North American facility

BekaertDeslee, one of the largest manufacturer of mattress textiles...

Courtesy: A&E

Textiles | On 23rd Oct 2017

A&E unveils Magic using Repreve sewing thread

American & Efird (A&E), a leading developer of industrial and...

Courtesy: Messe Frankfurt

Textiles | On 23rd Oct 2017

Over 4,000 exhibitors attend Intertextile Shanghai 2017

Another successful Intertextile Shanghai Apparel Fabrics has wrapped...

Interviews View All

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Representatives
Textile & apparel industry

GST is a complicated and lengthy process

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

October 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
76.1%
No
12.7%
Skip
11.3%

Total Votes: 71

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
28.2%
Skip
9.9%

Total Votes: 71

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
85.9%
No
9.9%
Skip
4.2%

Total Votes: 71

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
76.1%
No
11.3%
Skip
12.7%

Total Votes: 71


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search