Eyeing growth, Myntra to bring global executives on board

Leading fashion portal Myntra that recently became an app only format is in talks with several top executives from global firms. The company wants to rope in these executives to form a board of advisors as it looks to grow tenfold to become a 5-billion dollars (around Rs 32,000 crores) entity in the next four years. Now a part of India’s largest ecommerce company Flipkart, Myntra is eyeing growth independently though it does not have a board of its own.

Myntra has crossed 500 million dollars (about Rs 3,200 crore) in gross merchandise value, or the total value of the goods sold by the company, while rivals Jabong and FabFurnish could now match with the formers pace. The company now expects its in-house private brands to generate annual revenues of 100 million dollars (Rs 630 crores) each. To achieve its target, the company is now focusing on building a network of its own high margin fashion brands.

It already has 11 labels including Roadster and Anouk that contribute a fifth of its total revenues, across segments such as ethnic wear, casuals and work wear. The aim is to develop them as national brands, targeting a user base of 12 million who spend an average of Rs 1,800 per transaction on its application.

The line-up of private labels under its fold include Roadster, Dressberry, Anouk (ethnic range for women), Mast & Harbour, Kook N Keech, Yellow Kite (for kids), Invictus, and HRX (a brand it jointly launched with Hrithik Roshan) and the premium brand Wrogm with Indian cricket star Virat Kohli.