India : Myntra eyes $1 billion annualised GMV by 2016

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Myntra eyes $1 billion annualised GMV by 2016

08
Dec '15

Fashion and lifestyle products e-commerce platform Myntra has said that it plans to cross $1 billion annualised GMV (gross merchandise value) by 2016 in a profitable manner.

“We are roughly at about $500 million in GMV as of today. We are growing between 60 to 70 per cent month-on-month. We will try and get to a billion dollar GMV in 2016," Myntra CEO Ananth Narayanan told reporters in Bengaluru.

He said the company will get profitable again by end of next year.

Narayanan underlined that Myntra's consumer traffic continues to rise. "Our monthly active users is roughly about 7.6 million; our repeat rate is highest in the industry - we are now at 80 per cent."

Although Myntra adopted an app only platform in May this year, it has decided to return to web presence, but Narayanan insists that here is no problem with the app.

"Our app only strategy is working - if you just look at the repeat consumers, if you look at the life time value of the consumer and how happy they are - all of that are actually working," he said.

“Consumer centricity stand point is a big focus area for us. One other focus area in consumer centricity is we have something called Net Promoter Score which is NPS, our goal is to be consistently ten points NPS higher than any other player," Narayanan added.

The Myntra CEO was speaking to reporters at the 4th Annual Brand Summit the company had organized in Bengaluru.

Narayanan revealed that one of the important strategies for the company's growth includes its brand, and said Myntra has partnered with over 1,700 leading fashion and lifestyle brands. (SH)

Fibre2Fashion News Desk - India

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