Myntra revenue plummets 80 percent to Rs 427 crore in FY18
today Jan 9, 2019
Flipkart-owned Myntra Designs Private Limited, which operates the e-commerce marketplace for fashion and lifestyle products, saw its revenue plummet by 80 percent to Rs 427 crore ($61 million) for the fiscal year 2017-18. It reported revenue of Rs 2,038 crore in the year-ago period.
The company managed to reduce its losses by 76 percent to Rs 151 crore in 2017-18 as compared to the Rs 628 crore loss it reported in the last fiscal year, according to documents filed with the Registrar of Companies (RoC).
Myntra also managed to reduce its expenses significantly during the fiscal as its total expenses stood at Rs 926 crore in FY18 compared to Rs 2,667 crore in the year-ago period.
“These data points are partial and don’t give the entire picture of the company. Myntra and Jabong continue to grow at a healthy rate with a firm focus on delivering the best of fashion and lifestyle for our customers,” a Myntra spokeswoman told the Mint.
“We are moving forward in our strategic direction as per plan and remain committed to adding value to our customers and brand partners by transforming fashion e-commerce in the country,” she added.
Myntra’s private labels, which include Dressberry, Roadster, HRX, and Anouk, contributed around 25 percent to its revenue.
Myntra is planning to invest heavily in the coming years to improve its market share and expects its gross merchandise value (GMV) to reach $4 billion by 2021.
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