Myntra Turnover Rises To 87% In FY17

Of the turnover 94% had come from trading business and the remaining 6% from data processing hosting and related activities and its Web portal.

Myntra Designs posted a turnover of Rs 2,000 crore in fiscal 2016-17, an 87% jump from the previous year.

Of the turnover, 94% had come from trading business, and the remaining 6% from data processing, hosting and related activities and its Web portal.

According to industry experts, the turnover includes sales from Myntra’s private labels, a category that offers higher margins and has been aggressively pursued by the company over the years. Myntra has built a robust private label business since 2015, and it now accounts for nearly a fourth of revenue.

In September, Myntra CEO Ananth Narayanan announced that Myntra’s private label business, which includes brands Roadster, Dressberry, Anouk, and HRX, had turned profitable. Narayanan, who is aiming at overall profitability, also added that he expected the combined gross merchandise volume of both Myntra and Jabong to be $1.2 billion for fiscal 2018, which ends in March.

The fashion ecommerce company, a unit of Flipkart, is also looking to expand its offline presence by launching Myntra stores where all of its in-house brands and private labels will be housed under one roof.

The online fashion market was pegged at around $3.7 billion during 2017 with Myntra along with Flipkart Fashion and Jabong forming a formidable team in the space.