Myntra Grows 80 Per Cent, Set To Achieve Profitability In FY18
The company's approach to leverage technology to decode fashion has helped it become the fastest growing online fashion platform, says Ananth Narayanan, CEO of Myntra and Jabong
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Myntra, India's leading platform for mass premium fashion announced that it has witnessed 80% year on year growth with an industry leading revenue run rate of $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, Ananth Narayanan, CEO of Myntra and Jabong, 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% 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."
Myntra is using technology to empower its customers and brands. For customers it is leveraging ArtificialIntelligence(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 hosted its 5th Annual Brand Summit- Tech Threads on Thursday, where delegates from over 300 leading Indian and international fashion and lifestyle brands came together to deliberate over how e-commerce was shaping the growth of fashion brands in India.