The Flipkart-owned fashion retailer has as many as 13 private apparel brands and is eyeing revenue of US 300 million by the end of the financial year.
The private labels vertical is expected to post USD 300 million in sales by FY18-end, compared with USD 115 million it posted, last year
The Myntra End of Reason sale kicks off tonight. The online fashion retailer will host 25 million sessions over the next 3 days with approximately 20 million users logging in. CNBC-TV18's Rukmini Rao caught up with Myntra CEO, Ananth Narayan and the hands-on team at Myntra to find out how they are gearing up for this sale and what's different this time around.
Private labelled products allow e-commerce firms to earn much larger margins compared to the commissions earned through sellers that sell similar products.
Myntra's sale comes at a time when brick and mortal retail stores are offering heavy discounts to customers to clear stocks, ahead of the GST roll-out from July 1.
The program is looking to sign 10-15 local brands and is designed to accelerate their growth through technical know-how, analytics and branding support from Myntra
The company plans to consolidate logistics with Myntra and grow revenues by 30 percent during the financial year, Jabong head Gunjan Soni tells Moneycontrol
Amazon and Flipkart are readying for big sale days in May and vendors suggest they are already stocked up to four times their usual inventory levels.
"A large part of the money raised from the latest deals struck with Tencent, Microsoft and eBay, will be invested in new businesses, especially PhonePe and fintech," Flipkart Co-Founder and CEO Binny Bansal said.
On Young Turks watch Deepika Padukone and CEO of Myntra, Ananth Narayanan, talk about their new business partnership.
E-commerce player Myntra is planning to gradually roll back discounts and focus on high fashion sales event to eventually shift to a full-price products model, according to a report.
For the launch of its first offline store, the Flipkart-owned online fashion retailer picked 'Roadster' for its offline debut not only because it is the largest selling online brand but also to create Roadster brand experience.
Even as the overall e-commerce market in India has been impacted due to demonetisation, Myntra claims its recent sale was a hit
This is the first time that an e-commerce player will manage the omni-channel strategy for a global fashion brand.
Myntra is set to be profitable this time next year says CEO Ananth Narayanan, perhaps making Myntra the first VC-funded e-commerce play to hit that milestone. Narayanan in a conversation with CNBC-TV18's Syna Dehnugara also spoke about Flipkart's race with Amazon, valuation markdowns and much more.
Flipkart-owned Myntra today announced a rejig of its leadership team, naming Gunjan Soni as head of Jabong and Manpreet Ratia as chief of supply chain and consumer experience.
Flipkart plans to halve its monthly spend to USD 20 million from USD 45 million as it prepares to raise USD 500-800 million in fresh capital, ET reported on Monday citing two people aware of the development.
The company which last raised an undisclosed amount in Series A round from IvyCap Ventures in 2015 and targets to turn profitable in 18 months.
Flipkart-owned Myntra is aiming to become profitable by March 2018, helped by a combination of rationalising costs, cutting discounts and introducing more private labels.
Myntra's Latest Ad Campaign Announces the Arrival of its Flagship Sale - 'End of Reason Sale'
"We are expecting 25X sales (during EORS) compared to that on a normal day. We also expect this sale to see 2X growth over the previous edition that was held in July 2016," Myntra CEO Ananth Narayanan told PTI.
E-commerce firm Myntra has no plans to significantly increase discounting over the coming weeks to drive sales after the recent demonetisation move hit online retail, its CEO Anant Narayanan today said.
The acquisition and turnaround of Jabong and the recently concluded festive season have contributed to this growth and strengthened Myntra's position on its path to profitability, it said.
According to the report, apart from selling branded products, the company also plans build to come with its own range of affordable and high-quality fashion products.