Well you would have heard the news by now. Yes, Myntra just clocked its best month ever in January 2016. With $800 million in annualized GMV (Gross Merchandise Value), it is closer to the target of reaching $1 billion GMV by FY 2016-2017.
At a press conference held in Bangalore yesterday, CEO Ananth Narayanan shared that it will be Myntra’s focus to “attain positive gross profit while maintaining scale during the year. We plan to build on the momentum in the first month to touch $1 billion GMV by FY 2016-17.”
The Year That Was
Whether you are a fashion conscious shopper, or a price conscious one, you would have found a healthy mix of both on the Myntra app. This was one of the three key strategies that helped the company register 70% growth YoY, others factors being working towards better cost management and greater efficiency in business processes.
L-R: Prabhakar Sunder, SVP & Head of Finance, Ananth Narayanan, CEO, Myntra and Prasad Kompalli, Head, eCommerce Platform, Myntra
Prasad Kompalli, Head – eCommerce Platform, Myntra said that 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 5 years.”
Of the 2000 brands on Myntra app, some of the top performing brands in 2015 were Roadster, Puma, Nike, Vero Moda & UCB. Myntra’s in-house brand Roadster is giving most other brands a run for their money, and aims to clock Rs. 400 crore in 2015-16 and become a $100-million brand by end of 2016. The in-house brands will contribute 25% of overall revenue in FY 2016, going up from the current figure of 20%.
Demand for International brands has also increased in 2015. The overall contribution, which by December end was 5%, will increase to 15% by FY 2017. Myntra is currently playing host to premium brands like Forever 21, Mango, Antony Morato, Scotch & Soda, Harley Davidson, Ferrari, The North Face, Timberland and M&S.
The coming year promises to be as great as the one gone by, if not better. A big thanks to each one of you for being a part of Myntra’s success story!