Myntra FY17 turnover zooms 87% to Rs 2,000 crore
Of the turnover, 94% had come from trading business, and the remaining 6% from data processing, hosting and related activities and its Web portal.
The filing did not show any profit or loss numbers for the year. The company had posted a ₹816 crore loss in FY16.
Myntra did not respond to ET's queries till the time of going to press on Friday.
According to industry experts, the turnover includes sales from Myntra's private labels, a category that offers higher margins and has been aggressively pursued by the company over the years. Myntra has built a robust private label business since 2015, and it now accounts for nearly a fourth of revenue. In September, Myntra CEO Ananth Narayanan announced that Myntra's private label business, which includes brands Roadster, Dressberry, Anouk, and HRX, had turned profitable. Narayanan, who is aiming at overall profitability, also added that he expected the combined gross merchandise volume of both Myntra and Jabong to be $1.2 billion for fiscal 2018, which ends in March.
The fashion ecommerce company, a unit of Flipkart, is also looking to expand its offline presence by launching Myntra stores where all of its in-house brands and private labels will be housed under one roof, as reported by ET in December.
The online fashion market was pegged at around $3.7 billion during 2017 with Myntra along with Flipkart Fashion and Jabong forming a formidable team in the space.
