India’s leading platform for mass premium fashion, ‘Myntra’ announced that it has witnessed 80 per cent year-on-year growth with an industry leading revenue run rate of 1 billion US Dollar. 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.
“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,” Ananth Narayanan, CEO of Myntra said.
“Myntra, Jabong and Flipkart together have 70 per cent 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 is using technology to empower its customers and brands. For customers it is leveraging Artificial Intelligence (AI) and Machine Learning for a personalised shopping experience, better product discovery and assisted buying. The company has introduced several features to enhance customer experience resulting in Myntra being 20 points ahead on NPS than the industry.
