Fashion portal retailer Myntra.com, which has been bought over by Flipkart, has set an ambitious targeting of closing the current fiscal with a two-fold spike in revenue of over Rs 2,000 crore.
The Bangalore-based online fashion retailer, which sells over 700 brands, had clocked about Rs 800 crore in revenue last fiscal.
"So far we have been doubling our revenue every six to nine months and are still continuing with that pace. Roughly, every month we sell about Rs 150 crore. This year our revenue will be more than Rs 2,000 crore, while last year we closed at Rs 800 crore," Mukesh Bansal, Myntra.com chief executive and head of fashion at Flipkart, told PTI here today.
Myntra claims to have 30 per cent share of online fashion market and along with its new parent Flipkart, its share in the segment is 50 per cent.
"Over the next two years, we would like our market share to be 65-70 per cent between Myntra and Flipkart," Bansal said.
Flipkart had acquired Myntra in May this year for an estimated Rs 2,000 crore and had said it would invest USD 100 million in its fashion business in the near-term.
In Bangalore, Myntra's Chief Operating Officer Ganesh Subramanian said the company is working on some propositions similar to HRX, Bollywood star Hrithik Roshan's lifestyle apparel and casual wear brand, in the women's space and an announcement on it would be made shortly.
Meanwhile, Myntra today partnered IMG Reliance, the sports marketing and event management joint venture between the largest private sector corporate Reliance Industries and the US-based specialist IMG, to launch fashion weekend, which will provide a direct connect between brands and consumers.
The Myntra Fashion Weekend will be held from October 3-5 in Mumbai.
"We don't have any fashion week focused on consumers here. So, we are creating an entirely new property and the objective of this is to make the connection between consumers and fashion trends. It will be different from your typical fashion weeks, where it is mostly designers showing high-end range, which most consumers can't afford," Bansal said.
IMG Reliance fashion head Sanket Dhankar said the event initially will be held once a year and judging by the response it could held twice a year while looking at other cities.
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