Myntra jumps 20X in revenue during 'End of Reason Sale'

Myntra has clocked a 20X hike in its revenue during the two-day 'End of Reason Sale'. More than 1.5 million units were sold in mere 2 days of sale and the fashion eRetailer acquired 200,000 new customers.
Myntra

Online marketplace for fashion and lifestyle products, Myntra has clocked a 20X hike in its revenue during the two-day ‘End of Reason Sale’. More than 1.5 million units were sold in mere 2 days of sale and the fashion eRetailer acquired 200,000 new customers.
Commenting on this phenomenal success, Prasad Kompalli, Head- eCommerce, Myntra said, “We have beaten the industry record, I don't think anybody has done nearly Rs 100 crore of sale in one day.”
As per reports, the Myntra sold merchandise worth Rs 90 crore during its 'End of Reason Sale' last year.
The Flipkart-owned company is currently clocking GMV of over $500 million on a yearly basis, a growth rate of about 66% over the previous year. It is now aiming at a GMV of $1 billion (Rs 6,670 crore) by May-June 2017.
"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 Kompalli.
The Bengaluru- based company recently came up with a fashion network for brands and consumers on its mobile app to boost sales and consumer engagement.
In one of the earlier reports by Accel Partners, Indians bought fashion products worth $559 million online in 2013 and the figure may increase to $2.8 billion by 2016. Even PwC predicts that the online retail in India is expected to tap for 3% of overall retail. Orders per million are expected grow double to 12 million by 2016 from 5 million in 2013.

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