Myntra Fashion Brands Usher A New Phase Of Profitability
The Myntra Fashion Brands (MFB) portfolio is leading the way to overall profitability for Myntra. The private brands of Myntra, which account for approximately a quarter of its business, have been among the most popular brands on the portal in the last one year. It has turned EBITDA (earnings before interest, depreciation, taxes and amortization) positive for the last two months in a row, putting MFB on a path of double digit EBITDA profitability at scale in the next 18-24 months.
According to CEO Ananth Narayanan, MFB is a key pillar of Myntra’s strategy to building a differential offering, cementing shoppers’ loyalty and increasing profitability. No wonder then that Myntra Fashion Brands today occupy nine of the top 20 brands on the platform. With a portfolio of 13 brands in the kitty, Myntra expects to deliver over $300 million this year with over 100% CAGR.
Myntra’s prime focus is to grow the brands by using customer/business insights intelligently. The vision is to build Myntra Fashion Brands into the largest house of fashion in the country in the next five years and be the supplier of private brands to the world, says Manohar Kamath, Chief of Myntra Fashion Brands.
At Myntra, a customer-first approach and technology is at the heart of the business. It aims to bring to customers cutting edge fashion that is at par with global fashion brands, and yet easily accessible. Myntra is investing in building brand equities, using data science, building strong vendor relationships, using smart pricing (AI based tech-led pricing), and managing each category differently with tech-led innovation plus visual merchandising.