Myntra eyes a five-fold growth this festive season

Fashion e-tailer Myntra expects to see a five-fold growth in daily sale and get on board 2-2.5 lakh new users during the Big Billion Days (BBD) sale of its parent company, Flipkart.

Myntra CEO Ananth Narayanan told PTI,

This is the second year that we will be part of BBD. We expect 5x sales during BBD, scheduled to be held on October 2-6. With brands offering discounts of up to 70 percent, we will have 2.5 lakh styles and designs for shoppers

He added that consumers will be able to choose from brands like Roadster, HRX, Dressberry, Anouk, Alcott, Forever 21, Marks & Spencer and French Connection, among others.

While the End of Reason Sale will remain our flagship event, the BBD sale offers us a chance to onboard new customers. We expect to get 2-2.5 lakh new users, he said.

Besides, Myntra has also augmented its logistical capabilities to manage about two lakh deliveries per day, he added.

However, Jabong will not be a part of the sale. Myntra, which itself was acquired by Flipkart in 2014, had bought rival Jabong for $70 million in July from Global Fashion Group (GFG) to consolidate its position in the booming Indian e-commerce industry. For the fiscal ended March 2016, Myntra had gross merchandise value (GMV) of $500 million. For the ongoing financial year, the company is eyeing the $1 billion mark. In July this year, Myntra acquired competitor turned suitor Jabong, for $ 70 million. 

Also read : Flipkart comes closer to Amazon’s backyard, opens office in Palo Alto

According to research firm RedSeer Consulting, festive sales are expected to help e-commerce companies register transactions worth $1.5-1.7 billion in October. Other e-commerce platforms like Flipkart, Amazon and Snapdeal are also rolling out big offers this festive season.

E-commerce retailer Flipkart, plans to reach out to lakhs of frequent buyers with special offers and will also send out postcards inviting them for an exclusive preview of its Big Billion Day on September 30.