Myntra’s revenues jump 20 times during End of Reason Sale

Online fashion retailer Myntra’s sales during the two-day ‘End of Reason Sale (EORS)’ in the first week of January 2015 jumped 20 times. More than 1.5 million units were sold in those two days while the company acquired 200,000 new customers. Last year, it had sold merchandise worth Rs 90 crores during EORS. This year it beat all industry record by making Rs 100 crores sales in one day.

The company is making a gross merchandise value (GMV) of about Rs 3,335 crores annually, which is a growth rate of about 66 per cent over last year. By May-June next year, it hopes to clock a GMV of Rs 6,670 crores. The company’s top management are confident of breaking even in 2016. Myntra had recently launched a fashion network for brands and consumers on its mobile app so as to boost sales as well as connect more with consumers as it moves towards profitability.

Prasad Kompalli, who is head of e-commerce at Myntra, is proud that they are the only ones who have ‘cracked a big portion of the model to attract customers with differentiating value proposition’. Myntra turned into a mobile-app only e-tailer last year.