Myntra, India’s leading platform for mass premium fashion today announced that it has witnessed 80 per cent year-on-year growth with an industry leading revenue run rate of US $1 billion. 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.
Speaking about building India’s largest fashion and lifestyle destination, CEO of Myntra and Jabong, Ananth Narayanan said, “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. 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.”
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. To its brand partners, Myntra provides brand performance and analytics support, customer insights to develop a loyal fan base and enable engagement. In line with this, it has launched a new portal which will provide brands with customized insights and competitive intelligence reports to manage their performance on the platform.
Myntra is hosting its 5th Annual Brand Summit- Tech Threads today, where delegates from over 300 leading Indian and international fashion and lifestyle brands will come together to deliberate over how e-commerce is shaping the growth of fashion brands in India. The key focus areas for summit are the future of fashion ecommerce in India, customer trends and the role of technology to deliver effective consumer experiences. A brand playbook which will enable brands to customize and develop marketing campaigns to leverage Myntra as a digital marketing platform will be unveiled at the Brand Summit.
The company will also launch iconic global fashion labels Hugo Boss and Hackett which will be availableon the platform. The day long summit will have panel discussions on a range of topics from technology enabled retail, supply chain Innovation and building of brands in the new age and conclude with an Awards Night for brands.