Myntra's January sale helps recovery post demonetisation

Myntra’s sale event from January 3 to 5 helped its recovery from demonetisation following November 8. About 1,800 top Indian and international brands participated in the event. The online fashion retailer saw year-on-year growth of 230 per cent in the number of orders placed with about 12.5 million user visits. During the three-days sale apparel were sold with discounts of as much as 80 per cent. Myntra feels growth would help it achieve its target of a billion dollars in revenue for 2016-17.

Myntra’s and Jabong’s sales growth had slipped to 50 per cent from 80 per cent as customers who buy apparel through cash-on-delivery put off purchases in the aftermath of the currency shortage due to demonetization. Myntra is looking to be profitable by March 2018 as it cuts costs, reduces discounts and launches more private brands that earn it higher margins.

Myntra is India’s leading platform for fashion brands and a pioneer in m-commerce play. It has partnered over 2,000 leading fashion and lifestyle brands in the country such as Nike, Adidas, Puma, Levis, Wrangler, Arrow, Jealous 21, Diesel, CAT, Harley Davidson, Ferrari, Timberland, US Polo, FabIndia, Biba and many more to offer a wide range in the latest branded fashion and lifestyle wear.