$1 Billion Annualised GMV By Myntra

$1 Billion Annualised GMV By Myntra

Fashion and lifestyle products e-commerce platform Myntra has said that it plans to cross one billion US Dollar annualised gross merchandise value (GMV) by 2016 in a profitable manner.

“We are roughly at about 500 million US Dollar in GMV as of today. We are growing between 60 and 70 per cent month-on-month. We will try and get to a billion dollar GMV in 2016,” CEO Ananth Narayanan told reporters in Bengaluru. The company will get profitable again by end of next year, he said.

Narayanan underlined that Myntra’s consumer traffic continues to rise. “Our monthly active users is roughly about 7.6 million; our repeat rate is highest in the industry – we are now at 80 per cent.”

Although Myntra adopted an app only platform in May this year, it has decided to return to web presence, but Narayanan insists that here is no problem with the app.

He revealed that one of the important strategies for the company’s growth includes its brand, and said Myntra has partnered with over 1,700 leading fashion and lifestyle brands.