Topping its previous best performance in January this year, Myntra, India’s leading platform for fashion brands and pioneer in m-commerce play, has crossed the $1 billion run rate in annualized GMV (Gross Merchandise Value) post discounts in July 2016. This is the first time ever that an Indian fashion brand has recorded $1 billion run rate in annualized average GMV.
(L-R) Siddharth Bindra, MD, BIBA Apparels India; Ananth Narayanan, CEO, Myntra; Abhishek Ganguly, MD, Puma India; Anjana Reddy, MD, Universal Sportsbiz Pvt Ltd (USPL); and Vijay Murjani, MD, BMI Wholesale Trading Private Ltd.
According to Ananth Narayanan, CEO, Myntra, “We have now surpassed our January benchmark to make July 2016 the biggest month ever for Myntra. The annualized GMV run rate of $1 billion puts us on the path to touching the $1 billion GMV mark in a fiscal. In the past month, we have taken some market transforming steps. Our focus is to continue to transform fashion and lifestyle in India through technology.”
Propelled by the growth of Myntra Fashion Brands; increased contribution of international brands; high growth in sportswear and women’s wear category; and a hugely successful End of Reason sale has enabled the company to achieve this target.
This is an improvement over the January 2016 performance when Myntra had clocked $800 million in annualized GMV. Myntra has continued to strengthen key strategies which helped the company clock a growth of 70% YoY in the first four months of the fiscal. These include a focus on a brand mix that appealed to the price conscious as well as the fashion and brand conscious consumers.