Myntra announced last month it will be cutting back on discounts and focusing on fashion instead. It let go of lavish discount offers during its Big Fashion Gig (BFG), a 3-day sale held from April 7 to 9. The sale event revolved around exclusive brands and the launch of new styles by celebrities on the marketplace.
The Myntra and Jabong CEO, Ananth Narayanan mentioned that unlike before the discounts are quite low. Myntra’s aim was to highlight brands through a unique proposition where shoppers are guaranteed ‘neveron-discount’ brands and other features.
Expectations from the sale
Over the course of the 3-day sale, Narayanan said they are expecting:
- 1 lakh new users
- Existing user visits to double
- 5 lakh orders
- 100 crore revenue
Myntra expects a 3x boost to its average sales, with the introduction of BFG. It launched the sale on its app with 35 new brands. Out of these 25 were from international fashion labels like Next, Dorothy Perkins, Aeropostale, Next, Clinique, Forever 21 Men and Bobbi Brown. Most of Myntra consumers shop via its mobile app and on an average spend around Rs.1,800 every time they shop. With bigger brands on its platform, the etailer will make much bigger sales, so it hopes.
Around 50 celebrity events were to be included in the sale. Celebrity design wear actions were lined up for the event in addition to exclusive lines and celebrity gigs.
To ensure efficient logistics and timely delivery, the online fashion platform tied up with Ekart, Flipkart’s logistic arm, in addition to its in-house logistics unit Myntra Logistics.
Exclusive fashion sales to happen twice a year
According to Narayanan, this sale was their first actual move away from discount sales and towards something very different. He said the purpose of this sale was to bring together people who love fashion and attain overall profitability. As a result, Myntra will host this kind of sale twice a year. It will include dozens of movie stars and sports celebrities and the introduction of new exclusive collections. It will also be extending this same sale on Jabong during the next sale event for this year.