Myntra grows 80% y-on-y, may make profit in FY18
Online fashion retailer Myntra on Thursday said it has witnessed an 80 per cent year-on-year growth (Oct, 2015 to Oct 2016) with an industry leading revenue run rate of USD 1 billion.
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.
“We are at the forefront of fashion in India today with over 18 Million monthly active users. Our unique approach to leverage technology to decode fashion has helped us become the fastest growing online fashion platform,” Myntra and jabpong CEO Anant Narayanan told reporters here.“Myntra, Jabong and Flipkart together have 70% market share in the country today and will continue to grow this by empowering brands and customers.
“We are on track to achieve scalable and sustainable growth and will be EBITA positive in FY18,” he added.In this phase of growth, Myntra was using technology to empower its customers and brands and for customers it was leveraging Artificial Intelligence(AI) and Machine Learning for a personalised shopping experience, better product discovery and assisted buying, Narayanan said.
The company had introduced several features to enhance customer experience resulting in Myntra being 20 points ahead on NPS than the industry, he said.
To its brand partners, Myntra provides brand performance and analytics support, customer insights to develop a loyal fan base and enable engagement, Narayanan said.
It has launched a new portal which will provide brands with customized insights and competitive intelligence reports to manage their performance on the platform, he said.