SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 23 Aug, 2016  

myntra.thumb.jpg Fashion e-tailer Myntra claims USD 1-bn sales

myntra.jpg
   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
SME Times News Bureau | 23 Aug, 2016
Leading fashion brands e-tailor Myntra on Monday claimed it has crossed USD 1-billion (Rs.6,720 crore) in sales after discounts in July.

"We have crossed USD 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 USD 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 USD 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 USD 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.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Yes
 No
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter