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'''Myntra.com''' is an Indian online shopping retailer of fashion and casual lifestyle products, and headquartered in [[Bangalore]].<ref>{{cite web|author=Amit Bapna, ET Bureau Jul 11, 2011, 07.13pm IST |url=http://articles.economictimes.indiatimes.com/2011-07-11/news/29761379_1_international-brands-category-brand-campaign |title=Overall Lifestyle category will cross $100 billion in 2015 in India: Mukesh Bansal, Founder-CEO, Myntra.com - Economic Times |publisher=Articles.economictimes.indiatimes.com |date=2011-07-11 |accessdate=2012-06-17}}</ref><ref>{{cite web|url=http://www.thehindu.com/business/companies/article2433066.ece |title=Business / Companies : Myntra.com to expand operations |publisher=The Hindu |date=2011-09-07 |accessdate=2012-06-17}}</ref>
'''Myntra.com''' is an Indian online shopping retailer of fashion and casual lifestyle products, headquartered in [[Bangalore]].<ref>{{cite web|author=Amit Bapna, ET Bureau Jul 11, 2011, 07.13pm IST |url=http://articles.economictimes.indiatimes.com/2011-07-11/news/29761379_1_international-brands-category-brand-campaign |title=Overall Lifestyle category will cross $100 billion in 2015 in India: Mukesh Bansal, Founder-CEO, Myntra.com - Economic Times |publisher=Articles.economictimes.indiatimes.com |date=2011-07-11 |accessdate=2012-06-17}}</ref><ref>{{cite web|url=http://www.thehindu.com/business/companies/article2433066.ece |title=Business / Companies : Myntra.com to expand operations |publisher=The Hindu |date=2011-09-07 |accessdate=2012-06-17}}</ref>
<ref>{{cite web|author=Anupam Saxena |url=http://www.medianama.com/2011/03/223-myntra-gets-14m-in-second-round-funding/ |title=Updated: Myntra Gets $14M In Second Round Funding |publisher=MediaNama |date=2011-03-14 |accessdate=2012-06-17}}</ref>
<ref>{{cite web|author=Anupam Saxena |url=http://www.medianama.com/2011/03/223-myntra-gets-14m-in-second-round-funding/ |title=Updated: Myntra Gets $14M In Second Round Funding |publisher=MediaNama |date=2011-03-14 |accessdate=2012-06-17}}</ref>


Revision as of 06:52, 9 April 2013

Myntra
200px
Myntra.com logo.
Screenshot
File:Myntra.com screenshot.png
A screenshot of myntra.com as on 16 June, 2012
Type of site
Online shopping
(E-commerce)
Available inEnglish
OwnerMukesh Bansal, Ashutosh Lawania, and Vineet Saxena
URLwww.myntra.com
CommercialYes
RegistrationRequired
Launched2007
Current statusOnline

Myntra.com is an Indian online shopping retailer of fashion and casual lifestyle products, headquartered in Bangalore.[2][3] [4]

History

Myntra was established by Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena in February 2007. All three are IIT alumni, and have worked for several start-ups.[5]

Myntra is headquartered in Bangalore and has been funded by Venture Capital funds like IndoUS, IDG & Accel Partners.[6]

The company started off in the business of personalization of products, and soon expanded to set up regional offices in New Delhi, Mumbai and Chennai. It began its operations in the B2B (business to business) segment with the personalization of gifts, which included T-shirts, mugs and caps to name a few. However, in 2010, the company shifted its strategy to becoming a B2C (business to customer) oriented firm, expanding its catalogue to fashion and lifestyle products.

From 2007 to December 2010, Myntra.com was in the business of online demand personalization. [7] The products ranged from T-shirts, mugs, greeting cards, calendars, key chains, diaries, wine glasses.

New business focus and products

Myntra has tied up with top fashion and lifestyle brands in India, such as Nike, Inc., Reebok, Puma, Adidas, Asics, Lee, Lotto, Decathlon, FILA, John Miller, Indigo Nation etc. to offer a wide range of current season merchandise from these brands [8]

Myntra currently offers products from more than 350 Indian and international brands. [9] These include shoes for running, tennis, football, basketball and fitness, along with casual footwear from world-renowned industry leaders like Nike, Puma, Converse, Adidas, Decathlon, Reebok, Lee Cooper, Numero Uno, Skechers, Crocks, Asics, Fila, Lotto, ID and many more. There are also casual and dressy footwear for women from Catwalk, Carlton London and Red Tape to name a few.

Myntra also stocks T-shirts for men and women from popular brands like Jealous 21, Forever New, Classic Polo, Inkfruit, Lee, Nike, Inc., Probase, Puma, Adidas, Reebok, Ed Hardy, Decathlon, Lotto, Ediots, Mr. Men, Tantra and Guerilla. The website has also launched Being Human and Fastrack watches. [10] [11] [12]In July 31, 2012 Bollywood actor Kalki Koechlin launches Myntra’s ‘Star N Style’ feature.[13]

In 2013, Myntra acquired San-Francisco-based Fitiquette, a developer of virtual fitting room technology. [14]

Business model

Myntra.com is an aggregator of many brands. Its business model is based on procuring current season merchandise from various brands and making them available on the portal at the same time as in respective retail brand outlets. All these products are offered to customers on MRP. [15]

In October 2007, Myntra received a seed funding from Accel Partners (formerly Erasmic Venture Fund), Sasha Mirchandani from Mumbai Angels and another angel investor. In November 2008, Myntra raised with it’s A funding of $5 million from NEA-IndoUS Ventures, IDG Ventures and Accel Partners. [16]

In the second round of funding led by Tiger Global and participated by existing investors IDG Ventures and Indo-US Venture Partners, Myntra raised $14 million.

Towards the end of 2011, Myntra.com raised $20 million in its third round of funding led by Tiger Global.[17]

Myntra launched a brand campaign with its first TVC in July 2011. The commercial 'juxtaposes new-age fashion with old-world grit' and positions Myntra as a 'fashionable new age' brand. [18] [19] [20] [21]

Myntra's second campaign, with the tagline "Ramp It Up", was launched in October 2011 with a TVC. The new ad scored high on fashion quotient and the core message was to communicate the launch of the Autumn Winter 2011 collection on Myntra.com. [22]

In February 2012, Myntra also rolled out an OOH (out of home) campaign across Tier 2 cities, to to build brand awareness and promote online shopping. [23]

In June 2012, Myntra launched its third campaign. Created by Taproot, the communication emphasises the benefits of buying online, and is titled 'Real life mein aisa hota hai kya'.in which they offer free shipping,cash on delivery,30 day return & 24 hours dispatch [24]

Myntra continued the 'Real life mein aisa hota hai kya' theme in its next campaign in October 2012 and extended it to showcase its wide catalog and hassle-free Returns Policy. [25][26]

Awards

Myntra.com was announced as a winner of the Red Herring Global 100 award. Red Herring announced its Global 100 awards in recognition of leading private companies from North America, Europe, and Asia, celebrating these startups' innovations and technologies across their respective industries. [27]

CNBC - TV18 awarded Myntra.com as one of the Hottest Internet Companies of the Year at the Mercedes - Benz CNBC - TV18 Young Turks Awards. [28]

Myntra.com won IAMAI's Best Ecommerce Website of the year award for 2012 at the 7th India Digital Summit, 2013. [29]

Myntra.com also won the Fashion eRetailer of the Year Award at the Indian eRetail Awards 2013 organised by Franchise India in Delhi. [30]

References

  1. ^ "Myntra.com Site Info". Alexa Internet. Retrieved 2013-13-02. {{cite web}}: Check date values in: |accessdate= (help)
  2. ^ Amit Bapna, ET Bureau Jul 11, 2011, 07.13pm IST (2011-07-11). "Overall Lifestyle category will cross $100 billion in 2015 in India: Mukesh Bansal, Founder-CEO, Myntra.com - Economic Times". Articles.economictimes.indiatimes.com. Retrieved 2012-06-17.{{cite web}}: CS1 maint: multiple names: authors list (link) CS1 maint: numeric names: authors list (link)
  3. ^ "Business / Companies : Myntra.com to expand operations". The Hindu. 2011-09-07. Retrieved 2012-06-17.
  4. ^ Anupam Saxena (2011-03-14). "Updated: Myntra Gets $14M In Second Round Funding". MediaNama. Retrieved 2012-06-17.
  5. ^ Samidha Sharma (2012-07-04). "Updated: Accel, Tiger to pump $25m more into Myntra". Times Of India. Retrieved 2012-06-17.
  6. ^ Myntra.com website reference - http://www.myntra.com/aboutus.php
  7. ^ "Myntra re-invents itself - Business Today - Business News". Businesstoday.intoday.in. 2011-05-15. Retrieved 2012-06-17.
  8. ^ "Indian ecommerce lures brands: News from". Warc.com. 2011-05-04. Retrieved 2012-06-17.
  9. ^ Written by TWB (2012-01-10). "Myntra announces New Year bonanza 'Get up to 50% discount on the largest online catalogue'". This Week Bangalore. Retrieved 2012-06-17.
  10. ^ Written by TWB (2011-06-20). "'Being Human' watches on Myntra.com". This Week Bangalore. Retrieved 2012-06-17.
  11. ^ Posted by admin on June 16, 2011 at 12:55 pm 0 Comment (2011-06-16). "Being Human Watches on Myntra.com | Indian Life Style Website". Lifestyleblogindia.com. Retrieved 2012-06-17.{{cite web}}: CS1 maint: numeric names: authors list (link)
  12. ^ "'Being Human' watches on Myntra.com". Sify.com. 2011-06-17. Retrieved 2012-06-17.
  13. ^ Written by PI (2012-07-31). "Bollywood actor Kalki launched Myntra's 'Star N Style' feature; A Look at Celebs driving the Ecommerce trend in India". Pluggd.in. Retrieved 2012-08-11.
  14. ^ Ingrid Lunden (2013-04-04). "Myntra Buys Fitiquette, A Disrupt Finalist With A Virtual Fitting Room, As India's Online Fashion Market Heats Up'". TechCrunch. Retrieved 2013-04-08.
  15. ^ Sen, Satrajit. "The real growth of ecommerce in India will come from Tier I & Tier II cities | India Digital Review". Alootechie.com. Retrieved 2012-06-17.
  16. ^ [1][dead link]
  17. ^ Our Bureau. "Business Line : Industry & Economy / Marketing : Fashion retailer Myntra.com raises $20 m in third round of funding". Thehindubusinessline.com. Retrieved 2012-06-17.
  18. ^ Bhat, Lakshmipathy (2011-08-03). "afaqs! Community Blog > Building e-commerce brands the FMCG way". Afaqs.com. Retrieved 2012-06-17.
  19. ^ iMedia Connection India: Online Marketing, Advertising, Media, Interviews, News, Creative, Social, Mobile, DTH, Tablets and online sales (2011-07-30). "A Fashionable New Age - Myntra.com Launches its First TVC". Imediaconnection.in. Retrieved 2012-06-17.{{cite web}}: CS1 maint: multiple names: authors list (link)
  20. ^ palPalani (2011-09-15). "Online Fashion & Lifestyle category". Southdreamz.com. Retrieved 2012-06-17.
  21. ^ "Myntra.com « Brandalyzer". Brandalyzer.wordpress.com. Retrieved 2012-06-17.
  22. ^ "Myntra.com 'Ramps It Up' with new campaign". Exchange4media.com. 2011-10-21. Retrieved 2012-06-17.
  23. ^ "Online shopping takes outdoor route > afaqs! news & features". Afaqs.com. 2012-02-10. Retrieved 2012-06-17.
  24. ^ Chopra, Raahil (2012-06-01). "Myntra.com drives home benefits of buying online in new campaign on Videos - Advertising - The Work - Campaign India". Campaignindia.in. Retrieved 2012-06-17.
  25. ^ "New Myntra ads showcase catalogue, services". http://www.campaignindia.in. 2012-10-12. {{cite web}}: External link in |publisher= (help)
  26. ^ "Myntra.com - New categories". 27coupons.com. Retrieved 2012-12-12.
  27. ^ [2][dead link]
  28. ^ "CNBC-TV18 felicitates Young Entrepreneurs at Young Turks Awards « Best Media Info, News and Analysis on Indian Advertising, Marketing and Media Industry". Bestmediainfo.com. 2012-01-11. Retrieved 2012-06-17.
  29. ^ "IAMAI announces 3rd India Digital Awards for 2013". IndiaDigitalReview.com. 2013-01-18. Retrieved 2013-01-18.
  30. ^ "Franchise India held annual Indian eRetail Awards 2013". www.indiainfoline.com. 2013-01-18. Retrieved 2013-02-19.
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