Myntra – among the top e-commerce companies inonline Fashion and Lifestyle category.
Chennai, 7th September 2011– Myntra.com is among the tope-commerce companies in India. The E-shopping portal has become a name to reckon with and is listed as one of top-100 websites in India now. An online retailer, Myntra.com, offers close to100 brands in apparel, accessories and footwear in the fashion and lifestyle category.
The company has now tied up with top Premium lifestyle brands like Nike , Puma , Lee , Wrangler , Benetton , Jealous 21, Scullers etc. and has forged strategic partnerships with leading retail ventures like Future Group, Reliance etc.to expand its range in the mid-premium to premium segment. An average shopper on Myntra.com spends seven-eight minutes, successfully transacts once in four visits and shops 3-4 times in a year.
Speaking on the occasion, Mr. Mukesh Bansal, CEO and Founder, Myntra.com says “Lifestyle retailing is a $45 billion market and online shopping of the same offers immense potential because of its convenience. Over 70 per cent of our sales come from the men’s category. The top 10 cities across the country contribute nearly 60 per cent to the sales with the rest coming from Tier-2 and Tier-3 cities.”
Recently, the company kicked off its brandcampaign on Myntra.com possessing the largest Fashion and Lifestyle catalogue making purchasing from the portal extremely convenient. Theyare also working on a social media integration project.
The company has received funding of approximately $19 million in three rounds since 2007, the latest one being from Tiger Global ($14 million). The money has been invested in technology, logistics and marketing.
“Myntra has seen phenomenal growth in the last few quarters and has established itself as leading e-commerce destination for fashion,” says Sanjay Ramakrishnan, Senior Vice President – Marketing, Myntra.com. “We want to reach out to a larger number of consumers in the country and spread awareness of the brand through our marketing campaigns” he adds.
Myntra estimates the online Lifestyle category to be a Rs. 4 Billion industry at present. This number is growing every month and is on track to grow between 100-150% over the next 3-4 years. The overall Lifestyle category in India is $45 billion, growing at 16% CAGR. The industry will cross $100 billion in 2015 with somewhere between 5-10% of this being online.
Tamil Nadu contributes 11% to overall transactions to the site and 9% to visits.In comparison to other Tier 1 cities in South India such as Bangalore and Hyderabad which contributes 15% and 5% respectively to the overall transactions, Chennai contributes 9% and is ranked 7thcity on the basis of revenue contribution to the website.
Quick Facts
- Awarded “Pride of India 2009-2010” award for Exceptional Business Growth by IDG Ventures
- Average Customer Satisfaction Index 95% across all quarters
- >500,000 registered customer base
- 1800 daily average transactions
- Myntra’s delivery network extends to over 9000 serviceable cities in India and over 40 countries across the world
- Half million fans on Facebook
