Myntra cuts losses by 25 per cent in FY'17

A strategic focus on private labels has helped Myntra boost the fashion and lifestyle business of Flipkart Group. Myntra’s FY17 losses dipped 25 per cent to Rs 655 crore as against Rs 823 crore in the previous year. The firm’s three-year-old private label business has been growing strongly and accounts for about 25 per cent of overall revenue.

Earlier, in September 2017, Myntra had announced their private label business, which includes brands Roadster, Dressberry, Anouk and HRX, had turned profitable. While the firm has been able to reduce losses, it has been unable to control its growing expenses. The firm’s advertising expenses alone grew almost 59 per cent to touch Rs 289 crore, weighing heavily on the total expenses for the firm this year, which was higher by 41 per cent at Rs 2,667 crore.