The year 2016 has been fairly happening for Myntra, they hired top names from Amazon, FreeCharge and eBay; gave up on their app-only plan and came back to the desktop; launched Try-on-Delivery; and a few weeks ago, acquired their rival Jabong for $70 million. Now, they are taking their strategic innovations to the next level- Myntra will be opening their first offline store before the end of the year. Earlier, online marketplaces such as Zivame, Lenskart, Pepperfry, and Buttercups, have already taken the offline stores’ route.
Flipkart-owned online fashion retailer Myntra today said it is on track to touch the $1 billion Gross Merchandise Value (GMV) mark this fiscal.
Myntra also said it has become the first-ever Indian fashion e-commerce platform to clock the $1 billion run rate in annualised average GMV (post discounts) in July.
"We have now surpassed our January benchmark ($800 million) to make July 2016 the biggest month ever for Myntra. The annualised GMV run rate of $1 billion puts us on the path to touching the $1 billion GMV mark in a fiscal," Myntra CEO Ananth Narayanan told reporters.
The online retailer, which recently acquired smaller rival Jabong for $70 million to further strengthen its number one position in the fashion and lifestyle e-commerce category, said these brick-and-mortar stores would act as experience zones rather than a platform meant to prop up its sales.
The hybrid model of running online stores with a select physical presence is finding takers for many online commerce companies. Global e-commerce giant Amazon recently opened a brick-and-mortar store in New York. In India, players like furniture e-tailer Pepperfry and eyewear seller Lenskart have explored the offline route as well.