Myntra FY’17 turnover up 87 per cent to reach Rs 2,000 crore

Myntra has posted a turnover of Rs 2,000 crore in the fiscal 2016-17, recording an 87 per cent rise as against the previous year. Of the turnover, 94 per cent had come from trading business, and the remaining 6 per cent from data processing, hosting and related activities as well as its web portal. The filing did not show any profit or loss numbers for the year’ however, the company showed a Rs 816 crore loss in FY16.

The turnover includes sales from Myntra’s private labels that offers higher margins and has been aggressively driven by the company. Myntra has built a strong private label business since 2015 and it now accounts for nearly a fourth of revenue. In September, Myntra’s CEO Ananth Narayanan has announced Myntra’s private label business, which includes brands such as Roadster, Dressberry, Anouk, and HRX had become profitable. Narayanan notes 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. The online fashion market was reportedly around $3.7 billion during 2017.