Flipkart-Myntra duo close to crossing one billion dollar sales mark

After acquiring fashion portal Myntra last year to strengthen its high margin fashion business, India’s leading homegrown ecommerce player Flipkart along with Myntra may cross the one billion dollars (over Rs 6,200 crores) mark in fashion sales by end of this fiscal year. Eyeing rising number of mobile users logging in to shop on its platform, Myntra aims to become a ‘mobile-only company’ by May 2015. The company receives almost 55 percent of new customers through its mobile application.

According to industry estimates, Myntra alone is close to registering Rs 2,000 crores in sales or gross merchandise value ( GMV) at a current monthly run rate of Rs 300 crores. The company has aggressive growth plans in store and aims to sell its 10 in-house apparel brands on other sites. Sighting consumer interest in the fashion category, the company decided to make this move. The aim is to partner with other leading platforms and make its in-house fashion labels available for customers from April this year. The company is also eyeing possibility of setting up standalone stores of its private labels at high-end malls where buyers can try out dresses before shopping for them online.

Earlier, the company had announced its plan to double its leadership team by the end of this fiscal to drive growth. Myntra would be a 100-member leadership team across functions by April 2015 all holding positions of associate vice-president and above. The company plans to add about 1,000 professionals to its present 2,000-strong workforce by June 2015. The leadership team will be a mix of seasoned professionals hired from other companies and in-house employees groomed and elevated to the top ranks.