Myntra clocks $800 million annualised GMV

Bengaluru: E-commerce major Myntra today said it has clocked annualised Gross Merchandise Volume (GMV) of USD 800 million this fiscal, taking it closer to USD one billion GMV target by 2016-2017. “January has been the biggest month ever for Myntra…we have achieved an annualised GMV of USD 800 million. Our focus for the year will be to attain positive gross profit while maintaining scale during the year. We plan to build on the momentum in the first month to touch USD one billion GMV by next fiscal,” Myntra CEO Ananth Narayanan told reporters here.  Sales volumes for the month were propelled by growth of Myntra Fashion Brands, increased contribution of international brands including new marquee brands such as M&S, Forever21, high growth in women’s wear category and a hugely successful End of Reason sale, Narayanan said. He further said discounts have dropped by six per cent and supply chain cost reduced by five per cent in the last quarter. In 2015, three key strategies were adopted which helped the company clock growth of 70 per cent year-on-year, Narayanan said. Firstly, there was a focus on brand mix that appealed to the price conscious as well as the fashion and brand conscious, he said. Secondly, the company worked towards greater efficiencies arising out of increasing scale and better management of business processes, Narayanan said. “Finally, better cost management through a series of rationalisation measures have ensured better bang for the buck, be it in marketing or infrastructure,” he added. The focus for 2015 was on building a large portfolio of domestic and international brands, Narayanan said. “We expect the branded fashion market to grow twice as fast as the overall fashion market in the next five years. We now plan to be profitable at scale in 2016-17, with consistently high growth rates,” Myntra E-commerce Platform Head Prasad Kompalli said. By the end of December 2015, there were over 2,000 brands on Myntra, of which 800 new brands had been on-boarded in 2015, the CEO said. “The top brands for the year were Roadster, Puma, Nike, Vero Moda and UCB,” he added. PTI