India’s largest online fashion portal Myntra is seeking over three fold increase in its growth in the next 15 months in order to hit the milestone of $1 billion (approx. Rs 6.300 crore) in terms of gross merchandize value (GMV). This will let the portal join the growing list of other e-tailing portals including Snapdeal and Jabong that are witnessing mega sales.
The Chief Operating Officer at Myntra, Ganesh Subramanian added that the firm will become a billion dollar plus company and it’s a matter of time that will take to reach the same. Currently, the portal is focusing on building leadership that will scale its organization to the next level.
Bengaluru based Myntra is expected to close the current fiscal year ending this March with revenue of Rs 2,000 crore. It is likely to provide more value added services related to fashion such as sending a tailor to the customer’s doorsteps, strengthening senior leadership team and others in the next three months as they will assist in scaling up business effectively.
It is expected that the firm will successfully put together senior executives across logistics and marketplace model and create a new team of 80 executives who will report directly to the vice presidents by the end of this fiscal year. The Flipkart acquired fashion portal is concentrating on women consumers in the metros who are switching to online shopping.
Regarding this, the executive added that money is not an issue anymore and that there was a time when they were seeking for funding. Now, Myntra is claimed to be on the verge of building a solid foundation.
Myntra is also focusing on building more in-house brands accounting for 25 percent of the firm’s revenues as compared to 10 percent in early 2014. Notably, the sale of apparel accounts for half of Myntra’s revenues, whereas that of footwear and sports products contribute to one third of its business.
Myntra’s aggressive push into the fashion industry comes at the time when the online shopping of apparels has almost doubled in the past year as compared to 2012. Right now, the online sales of fashion and footwear account to about Rs 3,150 crore, which is only 1 percent of the total purchases that are made inIndia.