Myntra’s net loss for FY 2019 widens to Rs 539 crore
Flipkart-owned fashion retailer Myntra’s net loss for the fiscal year 2018-19 increased by 257 percent to Rs 539 crore ($76.1 million) as against the net loss of Rs 151 crore it reported in the last financial year.
The company’s revenue for the fiscal rose by 155 percent to Rs 1,089 crore as compared to Rs 427 crore it reported in the previous financial year.
Myntra’s private labels such as Roadster, House of Pataudi, HRX, Anouk, Mast & Harbour, Taavi among others were the growth drivers.
Myntra Designs Pvt Ltd total expenses for the fiscal increased by 76 to Rs 1,628 crore as against Rs 926 crore last fiscal, according to documents filed with the Registrar of Companies (RoC)
Employee benefit expenses also jumped by 52 percent to Rs 425 crore over last year’s Rs 279 crore.
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.
Copyright © 2021 FashionNetwork.com All rights reserved.