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Myntra

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Myntra
File:Myntra-Logo.png
Myntra.com logo.
Screenshot
200
A screenshot of myntra.com as on 16 June 2012
Type of site
E-commerce
(Online shopping)
Available inEnglish
OwnerFlipkart
URLwww.myntra.com
CommercialYes
RegistrationRequired
Launched2007
Current statusOnline

Myntra.com is an Indian e-commerce company of fashion and casual lifestyle products, headquartered in Bangalore, Karnataka The company was founded in 2007 by IITians Mukesh Bansal, Ashutosh Sac and Rishi Ranjan with a focus on personalization of gift items. By 2010, Myntra shifted its focus to the online retailing of branded apparel.[2][3][4] [5]

In May 2014, Myntra.com merged with another Indian e-commerce giant Flipkart to become a formidable force against the competition from Amazon, an international online business that entered the Indian market in June 2013.E-commerce in India[6][7][8]

History

Established in 2007 by Mukesh Bansal along with Ashutosh Sak and Rishi Ranjan, Myntra was in the business of on-demand personalization of gift items. It mainly operated on the B2B (business to business) model during its initial years. Between 2007 and 2010, the online portal allowed customers to personalize 15 products such as t-shirts, mugs, mouse pads, calendars, watches, teddy bears, pendants, wine glasses and jigsaw puzzles. Customers could order for these online and these would be home delivered in 3 days’ time.[9]

Within the initial 3 years, Myntra became India’s largest personalization platform with more than 50% of the market share. It also offered the personalization of jerseys of various cricket and football teams including the Indian cricket team, the IPL teams and the Premier League football teams. In 2010, it expanded its catalogue to include fashion and lifestyle products. Myntra tied up with various popular brands to retail a wide range of latest merchandise from these brands. Myntra offered products from 350 Indian and International brands by 2011. Brands like Nike, Puma, Converse, Adidas, Decathlon, Reebok, Lee Cooper, Numero Uno, Sketchers, Crocs, Fila, Lotto, ID, Catwalk, Carlton London and Red Tape found the perfect online retail platform. Myntra also had casual wear for men and women from brands like Jealous 21, Forever New, Classic Polo, Inkfruit, Lee, Nike, Inc., Probase, Puma, Adidas, Reebok, Ed Hardy, Decathlon, Lotto, Mr. Men, Tantra and Guerilla. The website saw the launch of Fastrack watches and of Being Human, the brand.[10]

Myntra currently has more than 500 brands with over 60,000 products that are delivered almost everywhere in India using its delivery networks.[11]

Acquisitions and investments

In October 2007, Myntra received its initial funding from Erasmic Venture Fund now known as Accel Partners, Sasha Mirchandani from Mumbai Angels and a few other investors. In November 2008, Myntra raised almost $5 million from NEA-IndoUS Ventures, IDG Ventures and Accel Partners. Myntra raised $14 million in a Series B round of funding. This round of investment was led by Tiger Global, a private equity firm; the existing investors IDG Ventures and Indo-US Venture Partners also put in substantial amount towards funding Myntra. Towards the end of 2011, Myntra.com raised $20 million in its third round of funding, again led by Tiger Global.[12] [13]

In February 2014, Myntra raised additional $50 Million (Rs.310 crore) funding from Premji Invest and few other Private Investors.[14]

2014 also saw the merging of Myntra with another e-commerce giant Flipkart. Myntra continues to function and operate independently to increase its market share from 50 to 70 per cent of the market share.[15]


Future

Myntra is already a leader in the Indian online fashion business and it plans to remain the largest player in the high street, premium and luxury fashion segment. The company launched its first private brand in December 2013 and since then, has launched 8 different brands such as Roadster, HRx by Hrithik Roshan, Sher Singh, Anouk, Kook N Keech, Mast & Harbour,ETC and Dressberry. Kangana Ranaut and Ranveer Singh have been signed in as Brand Ambassadors for the brands Dressberry and Roadster respectively. Myntra also offers its customers a complementary telephonic helpline for style and trend tips. This service named as ‘Style Service’ was launched by Bollywood actress Nargis Fakhri.[16]

In a bid to remain ahead of the competition in the e-commerce scenario in India, Myntra plans to start a Fashion Incubator. It plans to select 3 to 5 brands or upcoming designers annually, and offer them capital, supply chain and distribution platforms.[17]

Recognitions

  • Awarded 'Best E-commerce Partner of the year 2011-12' by Puma India [18]

References

  1. ^ "Myntra.com Site Info". Alexa Internet. Retrieved 2013-02-13.
  2. ^ Saloni Surti, May 22nd, 2014 (2014-05-22). "Flipkart-Myntra: Consolidation the only way to survive the Indian e-commerce industry?". indianmediabook.com.{{cite web}}: CS1 maint: multiple names: authors list (link) CS1 maint: numeric names: authors list (link)
  3. ^ 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)
  4. ^ "Business / Companies : Myntra.com to expand operations". The Hindu. 2011-09-07. Retrieved 2012-06-17.
  5. ^ Anupam Saxena (2011-03-14). "Updated: Myntra Gets $14M In Second Round Funding". MediaNama. Retrieved 2012-06-17.
  6. ^ ET Bureau, May 23rd, 2014,02.15AM IST (2014-05-23). "Flipkart acquires Myntra, gears up to take on Amazon". economictimes.indiatimes.com.{{cite web}}: CS1 maint: multiple names: authors list (link) CS1 maint: numeric names: authors list (link)
  7. ^ Flipkart Acquires Myntra in Indias Biggest E-Commerce Deal - NDTVProfit.com. Profit.ndtv.com. Retrieved on 2014-05-23.
  8. ^ "Flipkart acquires E-Tailer Myntra.Com in an around $300 Mn Deal". IANS. news.biharprabha.com. Retrieved 22 May 2014.
  9. ^ "WEEKLY STARTUP PROFILES > MYNTRA DESIGNS". nenonline.org.
  10. ^ Hari Bhushan. "History of Myntra". scribd.com.
  11. ^ "Myntra Brands".
  12. ^ sushma.un (2012-09-02). "Fashion retailer Myntra.com raises $20 m in third round of funding". thehindubusinessline.com.
  13. ^ Irfan Khan (2012-09-02). "Myntra.com Raises $20Mn In Third Round Of Funding". Private Equity.
  14. ^ IANS, 06:17 PM IST. "E-tailer Myntra.com raises 310 Crores from Ajim Premji and other Investors". news.biharprabha.com.{{cite web}}: CS1 maint: numeric names: authors list (link)
  15. ^ CNBC-TV18, Aug 22, 2014, 10.06 PM IST. "Myntra enters new spaces post merger with Flipkart". moneycontrol.com.{{cite web}}: CS1 maint: multiple names: authors list (link) CS1 maint: numeric names: authors list (link)
  16. ^ SANGEETHA CHENGAPPA, August 21, 2014. "Myntra-Flipkart seizes major market share in online fashion business". thehindubusinessline.com.{{cite web}}: CS1 maint: multiple names: authors list (link) CS1 maint: numeric names: authors list (link)
  17. ^ NT Balanarayan,Jun 25th, 2014. "Myntra is setting up a fashion incubator to strengthen its own brand strategy". medianama.com.{{cite web}}: CS1 maint: multiple names: authors list (link) CS1 maint: numeric names: authors list (link)
  18. ^ "Myntra Brands".
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