Myntra clocks in its best end-of-season sale

Myntra, the online fashion platform that is part of Flipkart, clocked its best end-of-season sales so far. Calling it an ‘End of reason sale’, the online platform offered up to 80 per cent discount on thousands of products for a two-day sale over the weekend.

It was the first high-pitched online sales event complete with marketing and advertising splash after the Union government announced riders in foreign investment norms for e-commerce marketplace last March. One condition was ‘e-commerce entities providing marketplaces will not directly or indirectly influence the sale price of goods or services and shall maintain a level playing field’. Companies were warned against any violation.

The two-day sale was two times the value of revenues earned through the previous end-of-season in January, pointed out Myntra CEO Ananth Narayanan. Compared with non-sale days, the numbers were up 23 times. The CEO said that this sale had nothing to do with any foreign direct investment condition. He believes end-of-season sale is a reality for both offline and online retail companies. While most offline companies offer clearance sale for six weeks, online market place did it for only two days. Myntra holds an end-of-season sale twice a year in January and July.