Myntra, Jabong To Invest $300 mn To Gain Market Share
Flipkart subsidiaries Myntra and Jabong are ready to scale up their market share with plans to invest $300 Mn over the next three years. The announcement comes soon after their parent company, Flipkart, revealed its plans to be an ‘exclusive’ fashion stop, while chasing a target of $1.7 Bn GMV (gross merchandise value) by the end of March 2019.
According to reliable source, with Flipkart’s plans, Myntra and Jabong also expect to triple their GMV to $4 bn in three years, from $1.2 Bn in FY17.
Also, the companies aim to triple their combined customer base and improve their share of the domestic online fashion market to 50%, from an estimated 35% now.
During Myntra’s flagship sale End of Reason Sale (EORS), the Flipkart subsidiary garnered 500K new customers. With this, Myntra also expects to become positive in the next three years.