Myntra

Myntra’s ‘Reason Sale’ brings 65% new customers, 60% orders hail from tier II & III cities

Myntra
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During Myntra’s ‘End of Reason Sale (EORS)’, between 22 and 25 December, the fashion e-commerce platform claims to have registered over 1.7 million people purchasing 5 million products during the four day sale period.

This was 7th edition of the sale in which it achieved 65 per cent new consumers with 60 per cent sales coming from smaller cities, according to the company.

“With over 5 million items sold, 60% sales from Tier 2 and 3 cities and 5lakh new customers , this edition of Myntra’s End of Reason Sale has been the biggest ever,” said Ananth Narayanan, CEO, Myntra – Jabong in a statement.

He added that the Myntra App ranked no.1 app on iOS and as the top shopping app on Google Playstore during the sale.

The company processed about 365 orders per minute on average during the sale and has so far completed delivery of 35 per cent of the total items ordered.

Sports dominated the sale as the most popular category across Myntra and Jabong, which clocked almost 22 per cent of all sales on the platform.

The season sale gives a shot in the arm for Myntra, when the company with 40 per cent market share in online fashion segment, along with Jabong, is eyeing to make a margin of 2-3 per cent by end of the current fiscal.

The Bengaluru-based company has surpassed its GMV estimation for the current fiscal as it expected to hit Gross Merchandise Value (GMV) of $2.7 billion. Last year, it projected to achieve GMV of $2 billion.

This year, Q4FY18 (January-March 2018), we will be very close to breakeven. We may be at an EBITDA level of (-)2 per cent to (-)3 per cent but very close to 0. The only difference between the 0 mark (breakeven) and the (-)3 per cent that we might end up at, will be the growth investments we make,” CEO for the combined entity (Myntra+ Jabong) Ananth Narayanan had earlier told.

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