Myntra touches ₹13,900 crore GMV
BENGALURU: Online fashion retailer Myntra has pulled ahead in the market share battle in the online fashion business, touching an annual run rate of nearly $2 billion (around ₹13,900 crore) in terms of gross merchandise value (GMV), according to two people directly aware of the company’s numbers.
Myntra, owned by Flipkart, generated ₹1,000 crore in gross monthly sales in July, and expects to report similar sales over the next few months ahead of the upcoming Diwali sales season, the people cited above said, requesting anonymity as these numbers are confidential. These figures include sales from Jabong, a unit of Myntra.
During a month in which a sale event has happened, Myntra typically reports much higher figures than non-sale months, and before July had never touched the ₹1,000-crore number in a non-sale month. Myntra typically holds its flagship End of Reason Sale (EORS) twice a year, with the last edition being held in June. In that month, Myntra posted monthly GMV of roughly ₹1,200-1,300 crore, the people cited above said.
Gross sales or GMV refers to the value of goods sold on a platform.
The latest numbers indicate that Myntra has grown more than 50% in the current financial year. Myntra’s strong performance has been driven largely by the growth of its private labels business, adding users in new categories such as personal care and faster growth in tier-2 markets. Myntra’s private label portfolio includes brands such as Roadster and Moda Rapido.
Myntra declined to comment for this story. Amazon India did not immediately respond to emails seeking comment, but in recent interviews Amazon India country manager Amit Agarwal has indicated that Amazon is the market share leader in fashion.
“The IMRB data showed that on a standalone basis, we have the largest fashion business in terms of units sold, GMS (gross merchandise sales), customer share,” Agarwal said in an April interview.