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30-December-2016

Flipkart-owned fashion portal, Myntra has announced the ‘End of Reason Sale (EORS)’ to be held from January 3 to 5, 2017. The move is aimed at springing back from a dip in online business over the past two months due to demonetisation.

This will follow the End of Seasons Sale by Amazon India scheduled on December 28 to 30, as a strategy to push the category. Myntra's growth rate fell to 60 per cent post demonetisation and is expected to pick up over the few months. The mix of prepaid and card-on-delivery orders constitute 80 per cent of the payments on the platform.

“It would be the largest fashion sale post demonetisation. We expect to register twice the sales of our last EORS event held in July 2016,” Ananth Narayanan, CEO of Myntra said.

Driven by EORS sales, Myntra had hit sales of 85 million US dollar for the entire month of July 2016 putting its annualised Gross Merchandise Value (GMV) at 1 billion US dollar. And after growing 80 per cent this year, Myntra is chasing an aggressive target of hitting 2 billion US dollar in GMV run rate by March 2018.

“It is primarily a Myntra event. The split of sale volumes between Myntra and Jabong will be 85 per cent and 15 per cent. July 2017 will be the first EORS in which Jabong will participate with its complete catalogue. Currently, we are focusing on integrating the supply chain and technology between the two platforms,” Narayanan said.

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