Flipkart-owned fashion e-tailer Myntra today 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 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.
For its brand partners, Myntra provides brand performance & analytics support, customer insights, etc to develop a loyal fan base and enable engagement. In line with this, it has launched a new portal which will provide brands with customised insights and competitive intelligence reports to manage their performance on the platform.