Myntra Achieves Operational Profitability, Doubles GMV in Last Two Quarters
Synopsis:
Myntra, the fashion ecommerce giant owned by Flipkart, has announced operational profitability for the last two quarters of 2023, driven by a nearly doubled Gross Merchandise Value (GMV). The success is attributed to an expanding customer base, focus on premium products, and strategic partnerships. Despite increased losses in FY23, Myntra's operating revenue grew by 25%. With a 33% surge in monthly active users and growth in premium fashion segments, Myntra remains committed to technological innovation and expanding its brand portfolio.Key Points:
- Myntra achieves operational profitability for the last two quarters of 2023, driven by a nearly doubled Gross Merchandise Value (GMV).
- Success attributed to expanding customer base, focus on premium products, and strategic partnerships with domestic and international brands.
- Monthly active users surge by 33% to reach about 60 million, backed by trend-centric offerings and growth in non-apparel segments.
- Significant growth observed in premium fashion segments, including beauty, international brands, and direct-to-consumer (D2C) lines.
- Despite a 31% increase in losses in FY23, Myntra's operating revenue grows by 25% to Rs 4,375 crore.
- CEO Nandita Sinha attributes the success to customer-first approach, investment in growth engines, and financial resilience.
- Myntra integrates technology with fashion retail through features like MyFashionGPT, Maya, and AI Stylist, serving nearly 2 million monthly users.
- The platform delivers to over 19,000 pin codes in India and hosts over 6,000 brands, including 400 international brands.
- Myntra expands its presence by acquiring India franchise rights for UK's premier fashion brand, NEXT, aiming to scale NEXT's omni-channel presence in India.
- Partnership with NEXT allows Myntra Jabong to distribute NEXT's products, further enhancing its brand portfolio and market reach.