Myntra eyeing 20-fold jump in revenue from 'End of Reason' sale

Fashion e-commerce platform Myntra said it expects to see a 20-fold jump in daily sales during its ‘End of Reason’ sale to be held on July 2-3.
The company, which was acquired by Flipkart in 2014, expects about 10 million people to shop on its platform on the two sale days.
“We are geared up for our End of Reason sale (EORS). We have invested strongly in strengthening our platform and in ensuring that logistics remains smooth. We anticipate about 10 million people will shop on Myntra in the two days of this sale, which is the fourth edition of EORS,” CEO, Myntra, Ananth Narayanan said.
He added there will be up to 80 per cent discount that will be offered to consumers on the sale days.
Narayanan, however, did not comment on the investments the company had made to beef up its platform.
For the fiscal ended March 2016, Myntra had gross merchadise value (GMV) of $500 million. For the ongoing financial year, the company is eyeing the USD one billion mark.
“We expect to see a 20X jump in revenues from what we do on an average day. This will also be about 2X bigger than our last sale in January,” he said.
Asked about the concerns raised by offline retailers about the discounting mechanism adopted by eCommerce players to ramp up sales, Narayanan said the sale is not different from those seen in physical retail stores.
“Traditional retailers also have sales which usually lasts over weeks. We are offering a similar sale, just that it is for 2 days. Most of these discounts are coming from the brands themselves,” he said.
Over 2,000 Indian and international brands will be part of EORS, including 11 of Myntra’s in-house brands, he added.
(With inputs from PTI)