Myntra eyes 45% growth in season-end sale
BENGALURU: Flipkart-owned online fashion retailer Myntra is aiming to grow sales by at least 45% from last year during its upcoming season-end sale, driven mainly by exclusive tieups with brands such as Mango, Esprit and Forever 21, even as it looks to touch annual revenues of about ₹8,500 crore for the 2017-18 fiscal year.
Myntra, which will hold its biannual End of Reason Sale (EORS) from June 24-26, also expects private label brands to contribute over a fifth of sales during the three-day event, said CEO Ananth Narayanan in an interview on Monday. Myntra currently boasts of private label brands such as Roadster, HRX, Dressberry and Anouk.
The season-end sale comes at a time when Myntra is pushing to turn profitable and looking to move away from the traditional discounting model. Earlier this year, Myntra launched a new sale event based on high fashion and minimal discounts, as part of a strategic shift towards selling full-price products.
“End of season is a very fashion-specific event—when we move from spring-summer to autumn-winter, every fashion group, including luxury brands such as Louis Vuitton, does an end-of-season sale. We’ll never get away from doing an end-ofseason sale...We’ll continue doing the full-price events throughout the year — the end-ofseason and full-price events are not at odds with each other,” said Narayanan.
During its previous end-of-season sale event in January, Myntra generated sales of about ₹408 crore over three days, including sales from Jabong. The sale helped push Myntra’s monthly sales to over ₹850 crore in January — nearly twice the amount it generates during a normal, nonsale month.
For its upcoming end-of-season sale, Myntra is aiming to do even better than the January sale, although Narayanan declined to share details of the retailer’s internal targets for the sale. “We’re expecting 25x of a normal sales day for Myntra, and about 13-15x for Jabong. We’re expecting 45% growth from July last year. Almost 1,800 brands are participating, and we expect about 15 million users to participate in the upcoming edition.”
Myntra also remains on track to grow overall sales by at least 40-50% during 2017-18 and will look to touch revenues of about ₹8,500 crore, including sales from Jabong, said Narayanan.
For the upcoming sale event, Myntra is signing up third-party delivery partners, including local kirana stores to meet demand.