Indian online fashion retailer Myntra is on the path to achieving the $1 billion Gross Merchandise Value (GMV) mark in the current fiscal, while becoming the first ever Indian fashion online store to post $1 billion run rate in annualised average GMV (post discounts) in July 2016, according to Myntra CEO Ananth Narayanan, who spoke to the media.
“In the past month, Myntra has taken a few market transforming steps with a focus to continue to transform fashion and lifestyle in India through technology," he said.Indian online fashion retailer Myntra is on the path to achieving the $1 billion Gross Merchandise Value (GMV) mark in the current fiscal, while becoming the first ever Indian fashion online store to post $1 billion run rate in annualised average GMV (post discounts) in July 2016, according to Myntra CEO Ananth Narayanan, who spoke to the media.#
When asked about turning profitable, he informed that the online fashion store would turn profitable early next year, while continuing to strengthen key strategies, which helped it post a 70 per cent year on year growth in the first four months of fiscal 2017.
In order to bring offline experience closer to its consumers, Myntra will open brick-and-mortar stores within the next three months, with the expectation that the omni-channel strategy will improve confidence in online shopping. (AR)
ALCHEMPro News Desk – India
marketing@alchempro.com
