Myntra clocks 80% growth in 2016; on track to be EBIDTA positive in FY18
Ananth Narayanan, CEO, Myntra looks back at 2016 as a year when Myntra set a scorching pace of growth and transformation in many ways. Mid way through the year, he shepherded the acquisition of Jabong, taking the Flipkart Group slice of the online fashion market to plus 70 per cent. By October, Myntra had crossed the $1 billion GMV run rate mark and Narayanan has been setting even more ambitious targets for the next fiscal given the momentum that has come to play.
2016 turned out to be a stellar year for Myntra, growing by leaps despite an already large base of users. The year saw Myntra clocking in 80 per cent YoY growth, beating the market by miles. In the month of October, Myntra clocked in $1 billion+ GMV run rate with higher full price sale @2X of horizontals.
The year also saw Myntra hit a higher NPS score of +20 over the closest horizontals. The brand has achieved a monthly active user base of 18 million and over 30 million app downloads and 50 million page views per day.
The acquisition of Jabong has been followed by a successful turnaround and a return to growth path for the company even as synergies helped strengthen portfolio and benefit from technology integration.
As it stands now, Myntra will be the first e-commerce company to achieve profitability in the next financial year.
Ananth Narayanan commented, “We are at the forefront of fashion in India today with over 18 million monthly active users. Our unique approach to leverage technology to decode fashion has helped us become the fastest growing online fashion platform. Myntra, Jabong and Flipkart together have 70 per cent market share in the country today and will continue to grow this by empowering brands and customers. We are on track to achieve scalable and sustainable growth and will be EBIDTA positive in FY18.”
Myntra and Brand Partnerships
Myntra has emerged as the destination of choice for mass premium fashion in 2016. Moving away from the traditional buyer-seller relationships, Myntra has deep brand integrations - 200+ brands use Myntra to engage with customers, 2 million followers across top 20 brands, 12 million post interactions per month, higher click through rates than other social media channels.
Myntra Brand Accelerator Program
Narayanan observed, “The Indian consumer is today consuming and demanding more brands than ever. And we believe, the next five years will see a significant increase in the number of brands in the country. Myntra will be using technology to empower its customers and brands. For customers, we are leveraging Artificial Intelligence (AI) and Machine Learning for a personalised shopping experience, better product discovery and assisted buying. We have has introduced several features to enhance customer experience resulting in Myntra being 20 points ahead on NPS than the industry.”