Major fashion e-tailer, Myntra.com is planing to grow their business to about Rs 6,300 crore in GVM (Gross Merchandise Value) in next 15 months. Myntra is expected to close this financial year in March with Rs 2,000 crore revenue. So with triple growth plans for next financial year, Myntra targets to join the league of other e-tailers that are hitting mega sales figures, Jabong and Snapdeal to name a few.As per company officials, their strategic plans will build leadership and scale up the organisation to the next level.
The online fashion portal will offer a wide array of value-added fashion services to the customers. At present, Myntra offers dial-in stylist and groom-in services, and plans to introduce services like sending a tailor to home. Such efforts will help to attract more customers to the portal. As per the report, Myntra is already doing test studies and in the next two quarters it is expect to open the services to public.
On the other side, the fashion e-tailer is working big on private labels. These in-house brands currently account for 25 percent of the company’s revenues, whivh is a major jump in comparison to about 10 percent at the beginning of 2014. Currently, the sale of clothes accounts for about half of the company’s revenues. And one-third business comes from footwear and sports merchandise.
Another major development expected to take place very soon is that Mukesh Bansal, the founder of Myntra who had sold it to Flipkart for Rs.2,200 crores in 2014, may get a key strategic position in Flipkart. As per the officials, the decision will be taken in next two weeks during an important Flipkart meet in Singapore. Mukesh Bansal currently oversees the fashion and electronics businesses of Flipkart including marketing. Recently, Bansal was handed a significant promotion.
Major recruitments across functions are also being planned at Myntra.