Myntra grows 70 per cent y-o-y

Myntra this year has grown in a market that has been relatively flat. The retailer has grown 70 per cent year on year and is on track to get a billion dollars and become profitable in January 2018. NPS (Net Promoter Score) has grown up by over 20 points this year. Myntra’s average discounting has come down by eight per cent but despite that has grown in volumes. Losses have gone down by almost 40 per cent. Absolute percentage has improved from last financial year to this financial year.

The January end-of-season sale delivered results for Myntra, which saw 160 per cent growth despite demonetisation. About 12.5 million users became a part of the sale. Myntra received about ten million dollars in revenues even before the sale started through VIP slotting because it got many customers to come in through privileged access. Customers received a 30 minutes slot access to shop.

The first offline store will open in Bangalore in March and will be completely tech-enabled. Users can have personalised T-shirts and denims. Customers can be part of the Roadster brand video, walk the ramp and actually have a lead display outside the store. The aim is to go omni channel and add value to the customer.