Myntra expects to cross one billion dollars GMV by 2016

After Snapdeal, app-only fashion firm Myntra backed by leader in India’s ecommerce space Flipkart aims to achieve a GMV target of one billion dollars (over Rs 6,600 crores) by 2016. Having over 15 years of experience working with consultancy firm McKinsy, new Chief Executive Ananth Narayanan joined Myntra on October 1, 2015 with an aim to scale up and turn the business profitable.

According to him, the company has a chalked out a plan for the next 18 months to achieve its set target while providing best fashion experience to its consumers. He has also set a target of increasing the number of current users from six million to 12 million in a year. He is banking upon the constant rise in number of smartphone users.

He aims to utilise his strong experience and expertise leading product development across sectors at McKinsy to strengthen systems and processes at Myntra. Fashion has proved to be the major growth and revenue driver in the online as well as offline retail markets. As the leading online firms try to grow their revenues and be the first company booking profits, they have undertaken senior-level management reshuffle. With profits nowhere in sight, these companies are either hiring new CEOs or changing hands within the company to drive growth.