Myntra intends to cross $1 billion annualised GMV by next year

Leading e-commerce platform for fashion and lifestyle products Myntra today said it plans to cross $1 billion annualised GMV (gross merchandise value) by 2016 in a profitable manner.

"Overall, I think we are on a great trajectory, we are roughly at about $500 million in GMV as of today. We are growing between 60-70 per cent month-on-month... We will try and get to a billion dollar GMV in 2016," Myntra CEO Ananth Narayanan told reporters.

He said the company's profitability push is on a good track and will get profitable again by end of next year.

Stating that consumer centricity is growing by a huge notch, Narayanan said "Our monthly active users are roughly about 7.6 million; our repeat rate is highest in the industry - we are now at 80 per cent."

"Consumer centricity stand point is a big focus area for us. One other focus area in consumer centricity is we have something called Net Promoter Score which is NPS, our goal is to be consistently ten points NPS higher than any other player..." Narayanan added.

Myntra had today organised its 4th Annual Brand Summit here, which according to organisers saw 450 leading Indian fashion and lifestyle brands come together.

Stating that one of the important strategies for the company's growth includes its brand, Narayanan said Myntra has partnered with over 1,700 leading fashion and lifestyle brands. Reiterating that Myntra has not dropped its app only strategy, Narayanan said, "What we have done is app itself now has a new feature, the feature is the ability for users to share different brands and collections with their friends... it is how the app will get more social."

"... the way transactions happen - where you can buy our products is still on the app, so we have not moved away from the app strategy, we have added a feature to the app that enables it to be more social..." he added.

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