Myntra returns with big sale, looks at huge profits

Myntra is back with its ‘End of Reason Sale’. The e-tailer is looking at increasing its gross merchandise value (GMV) 10 times in the third edition of the sale, which will be held from January 2-3, 2016. The sale will have styles and designs from a wide variety of leading brands, all offering discounts up to 80 per cent. Also, it will be the first fashion retailer to launch its Spring/Summer 2016 collection during the big sale.

More than 2,000 brands, both Indian and international, will be participating in the sale. The brands include names like Nike, Adidas, Reebok, FILA, Tommy Hilfiger, Mango, Marks & Spencer, Casio and Titan among a host of others. In this format, the brand is breaking away from the traditional annual year-end sale which usually last six-seven days. In two days, customers can pick up the best of fashion at amazing prizes. Ananth Narayanan, CEO, Myntra, claims 7.6 million Myntra customers will get to pick up bargains across Indian and international brands. He hopes to ‘serve more than 700,000 customers and the daily revenue rate to go up by as much as 10X’. Shoppers will be able to browse the offers not just on their smartphones but also Myntra’s mobile website.

The fashion e-tailer also has plans to pilot a programme that helps large brands to drive the latter’s offline sales through a multi-channel approach, thus offering an integrated shopping experience. It is already in talks with different brands to give shape to their project expected to launch next financial year. With this move, Myntra will leverage its smartphone app user base of 7.6 million to drive sales for major international brands, which contribute five per cent to Myntra’s revenues. Over a period of 18 months, the e-tailer plans to double the share of international brands and increase its own brand share to 30 per cent of its total sales.