Published
May 21, 2018
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Myntra reports 23 percent loss reduction in FY17

Published
May 21, 2018

Myntra has filed its financials for the 2016/2017 financial year and the data shows a 23 percent reduction in losses over the year as private label business grew substantially and advertising costs grew.

Myntra increased its spending on advertising by 59 percent over the 2016/2017 financial year - Myntra- Facebook


Myntra reported its financial results to the Registrar of Companies, which was then accessed by the data research platform Tofler. These results show that Myntra’s losses totalled 655 crore rupees (approximately 98.5 million US dollars) for the 2016/2017 financial year. This was a 23 percent standalone reduction compared to the total losses for the 2015/2016 financial year, which stood at 823 crore rupees (approximately 123.7 million dollars).

Despite an overall reduction in losses, Myntra increased its spending on advertising by 59 percent over the 2016/2017 financial year. Around 289 crore rupees (approximately 43.4 million dollars) was spend on advertising, which was part of the reason that the company’s overall expenses rose by 41 percent over the year.

The increased spending was offset by Myntra Designs, the main entity running the business’ marketplace, which saw its revenue increase by 94 percent from 1,031 crore rupees (approximately 155 million dollars) in the 2015/2016 financial year to 2,000 crore rupees (approximately 300.6 million dollars) in the 2016/2017 financial year.

The 2016/2017 financial year saw Myntra focus on its private label business and this appeared to pay off as, in September 2017, the CEO of Myntra, Ananth Narayanan, reported that Myntra’s private label business had turned profitable.

The private labels, which include Dressberry, Roadster, HRX, and Anouk, are currently estimated to account for 25 percent of overall sales.

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