Online Fashion giant, Myntra which became app-only last year is said to be currently achieving an annual Gross merchandise value (GMV) of $500 million and by next June hopes to cross $1 billion. It confessed recently that leveraging In-house brands along with creating an omni-channel approach will be its strategy as it attempts to rewrite the fashion history books.
The leading fashion etailer which is promoted by Flipkart, has witnessed a spectacular ‘End of Reason Sale’, where its revenue increased 20 fold. Myntra reportedly sold Rs. 90 crore worth of goods during its ‘End of reason sale’ last year, but it was not confirmed by Myntra. However this year it is supposed to have surpassed that figure.
“We have beaten the industry record, I don’t think anybody has done nearly Rs 100 crore of sale in one day. We are not for discount-led growth. We are the only ones who have cracked big portion of the model to attract customers with differentiating value proposition,” said Prasad Kompalli, head of ecommerce, Myntra.
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