Myntra Targets 20-Fold Revenue Jump
Fashion e-commerce platform Myntra expects to see a 20-fold jump in daily sales during its ‘End of Reason’ sale to be held on July two and three.
The company, which was acquired by Flipkart in 2014, hopes that about 10 million people will shop on its platform on those sales day.
“We are geared up for our End of Reason sale (EORS). We have invested strongly in strengthening our platform and in ensuring that logistics remains smooth. We anticipate about 10 million people will shop on Myntra in the two days of this sale, which is the fourth edition of EORS,” Myntra ceo Ananth Narayanan said. Up to 80 per cent discount will be offered to consumers on those two days.
Narayanan, however, did not comment on the investments the company had made to beef up its platform.
For the fiscal ended March 2016, Myntra had gross merchadise value (GMV) of 500 million US dollar. For the ongoing financial year, the company is eyeing the one billion US dollar mark.
“We expect to see a 20X jump in revenues from what we do on an average day. This will also be about 2X bigger than our last sale in January,” he said.
Over 2,000 Indian and international brands will be part of EORS, including 11 of Myntra’s in-house brands, Narayanan added.