Myntra's GMV to double by 2016, cross $ 1 billion
The fashion e-tailer has launched its latest clothing range, "All About You", designed by actor Deepika Padukone
Online fashion brand Myntra hopes to cross $ 1 billion annualised GMV (gross merchandise value) by 2016, chief executive officer Ananth Narayanan told Forbes India. Myntra currently clocks an annualised GMV of $ 500 million.
The fashion e-tailer has launched its latest clothing range, “All About You”, designed by actor Deepika Padukone. The range targets women aged between 20-35 years with prices starting at Rs 1,500. “Brands and creation of brands is something that we are doing quite uniquely. We have done it with HRX by Hrithik Roshan and WROGN by Virat Kohli and now we are doing it with Deepika Padukone,” said Narayanan.
“All About You” will be co-owned by Myntra and Padukone. “20 percent of our GMV is fashion brands. We hope to keep it at 20-25 percent. My sense is that this brand (“All About You”) will be $ 100 million in two years,” said Narayanan. Myntra and its parent company, Flipkart, have opted for app-only approach where competitors such as Snapdeal and Amazon dithered.
“Mobile as a market is here to stay and it will be the biggest market. So you have to win in mobile. You can actually personalize the app and that is the interesting part. The majority (of consumers) is not on the website,” said Narayanan.
