“January has been the biggest month ever for Myntra. I am happy to share that we have achieved an annualised GMV of $800 million. We plan to build on the momentum in the first month to touch $1 billion GMV by FY 2016-17,” commented Ananth Narayanan CEO, Myntra.
For achieving the target, the Flipkart subsidiary is planning to cut discounts by three to four per cent, slash the number of discounted products and also reduce its supply chain costs by two per cent.
Myntra’s senior vice president finance, Prabhakar Sunder said 60 per cent of the etailer’s revenue in the next financial year would arrive from products sold at full price against the current level of 54 per cent.
In the third quarter of 2015-16, discounts dropped by six per cent and supply chain costs fell by five per cent for it.
Myntra deployed three key strategies of focus on brand mix, better management of business processes and cost management through a series of rationalised measures to achieve a growth rate of 70 per cent year-on-year 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 five years,” expressed Prasad Kompalli, Head, Ecommerce Platform.
Myntra was hosting more than 2,000 brands by December 2015, 800 of which boarded the platform for retailing in 2015 itself.
Roadster, Puma, Nike, Vero Moda and United Colors of Benetton (UCB) emerged as the top brands for the year 2015, Narayanan said.
More than 30 international brands are listed on the etailer, some of which include Harley Davidson, Ferrari and Forever 21.
Brand choice for women’s wear is significantly higher than men, Myntra offers 1,250 women’s wear brands and 1,41,00 styles, while men’s wear brands stood at 419 by the end of last year.
