Fashion platform giant Myntra on Monday announced that it has crossed the $1-billion run rate in annualised gross merchandise value (GMV), post discounts in July 2016, claiming to be the first Indian fashion brand to do so.
Addressing reporters on the occasion, Myntra Chief Executive Officer Ananth Narayanan said, “We’ve now surpassed our January benchmark to make July 2016 the biggest month ever for the company. The annualised GMV run rate puts us on the path to touching the $1-billion GMV mark in a fiscal. In the past month, we have taken some market-transforming steps, while continuing to transform fashion and lifestyle in India through technology.”
Sales volumes for the month were propelled by growth of Myntra Fashion Brands, increased contribution of international brands, and high growth in sportswear and womenswear categories, among other factors. “This betters the January 2016 performance, when Myntra had clocked $800 million in annualised GMV. Myntra has continued to strengthen key strategies which helped the company log a growth of 70% year-on-year in the first four months of the fiscal. These include a focus on a brand mix that appealed to the price-conscious, as well as the fashion- and brand-conscious,” Narayanan said.
Meanwhile, Myntra is eyeing a strong future with its acquisition of Jabong from Global Fashion Group, which puts forward a combined base of 15 million monthly active users, and offers a wide plethora of brands for shoppers. Myntra and Jabong will use technology integration and deep consumer insights to develop partnerships with brands to increase branded sales in India at full price. “We plan to develop Myntra and Jabong independently, which can help influence and grow the market.
We are looking at innovations, more value-added services, and are eyeing becoming a lifestyle platform,” Narayanan said.
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