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Myntra

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Myntra
Type of businessPrivate
Type of site
E-commerce
Available inEnglish
Area servedIndia
Founder(s)Mukesh Bansal
Vineet Saxena
Ashutosh Lawania
CEOAmar Nagaram[1]
ParentFlipkart
SubsidiariesFitiquette
Roadster
URLMyntra
CommercialYes
RegistrationRequired
Launched2007
Current statusActive

Myntra is an Indian fashion e-commerce company headquartered in Bengaluru, Karnataka, India.[3] The company was founded in 2007 to sell personalized gift items.[4][5][6][7]

In May 2014, Myntra.com was acquired by Flipkart.[8][9][10][11]

History

Established by Mukesh Bansal along with Ashutosh Lawania and Vineet Saxena; Myntra sold on-demand personalized gift items. It mainly operated on the B2B (business-to-business) model during its initial years. Between 2007 and 2010, the site allowed customers to personalize products such as T-shirts, mugs, mouse pads, and others.[12]

In 2011, Myntra began selling fashion and lifestyle products and moved away from personalisation. By 2012 Myntra offered products from 350 Indian and International brands. The website launched the brands Fastrack Watches and Being Human.[13]

In 2014 Myntra was acquired by Flipkart in a deal valued at ₹2,000 crore (US$240 million). The purchase was influenced by two large common shareholders Tiger Global and Accel Partners.[11] Myntra functions and operates independently.[14] Myntra continues to operate as a standalone brand under Flipkart ownership, focusing primarily on "fashion-conscious" consumers.[15]

In 2014, Myntra's portfolio included about 1,50,000 products of over 1000 brands, with a distribution area of around 9000 pincodes in India.[16] In 2015, Ananth Narayanan became the Chief Executive Officer of Myntra.[17]

On 10 May 2015, Myntra announced that it would shut down its website, and serve customers exclusively through its mobile app beginning 15 May. The service had already discontinued its mobile website in favour of the app.[18] Myntra justified its decision by stating that 95% of traffic on its website came via mobile devices, and that 70% of its purchases were performed on smartphones. The move received mixed reception, and resulted in a 10% decline in sales.[19][20] In February 2016, acknowledging the failure of the "app-only" model, Myntra announced that it would revive its website.[21]

In September 2017, Myntra negotiated the rights to manage Esprit Holdings's 15 offline stores in India.[22][23] Myntra reported a net loss of ₹151.20 crore in the financial year 2017-18.[24]

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.[25][26] In February 2014, Myntra raised additional $50 Million (Rs.310 crore) funding from Premji Invest and few other Private Investors.[27]

In April 2015, Myntra acquired Bengaluru-based mobile app development platform company Native5, with a view to strengthen and expand Myntra’s mobile technology team.[28]

In July 2016, Myntra acquired mobile-based content aggregation platform Cubeit, to strengthen and expand its technology team.[29]

In July, 2016 Myntra acquired their rival Jabong.com to become India’s largest fashion platform.[30] In October 2017, Myntra partnered with Ministry of Textiles to promote handloom industry.[31][32]

In April 2017, the company acquired InLogg, a city-based technology platform that provides end-to-end logistics solutions for the e-commerce sector.[33]

In April 2018, Myntra bought Bengaluru-based start-up Witworks, a maker of wearable devices to strengthen its technology team.[34]

Digital Reality Show (Fashion Influencer)

Launched its first digital reality show "Myntra Fashion Superstar" which is based on the fashion influencer talent hunt on Myntra app on 17 September 2019.[35] [36] [37] In association with Zoom Studios,[38] this show will identify & reward India’s next big fashion influencer.[39] Show has eight episodes of reality series which will see 10 contenders competing with each other. They would also be mentored and judged by a star studded jury, from the world of Bollywood, TV and fashion, including Bollywood diva Sonakshi Sinha and leading celebrity stylist, Shaleena Nathani. [40] [41] [42] [43] [44]

Influencer Contestants

Contestant Age Home Town Occupation Finish Result
Tanumita Ghosh 27 Kolkata Celebrity Stylist Episode 8 Winner
Deepen Sharma 26 Mumbai Fashion Artist Episode 8 Runner-up
Sumedha Sharma 23 New Delhi Student, Fashion Blogger Episode 8 3rd place
Jatin Jaluthria 34 Delhi Fashion Blogger Episode 7 Eliminated
Ishita Khanna 25 Madhya Pradesh Fashion & Lifestyle Blogger Episode 6 Eliminated
Mayur Saroj Rajput 28 Bhopal Designer, Entrepreneur, Professor Episode 5 Eliminated
Vishakha Rajani 22 Bhopal Fashion Blogger, Digital Marketer Episode 4 Eliminated
Prince Verma 29 Ludhiana Actor Episode 3 Eliminated
Aanchal Aware 21 Nagpur Model/Blogger Episode 2 Eliminated
Akshay Sharma 23 Delhi Senior Executive Stylist Episode 1 Eliminated

Summary

Contestant Episode 1 Episode 2 Episode 3 Episode 4 Episode 5 Episode 6 Episode 7 Episode 8
Tanumita #Follow #SuperLike #BeWoke BTM2 #AreYouReady #FashionBeyondMe #NoFilter 53% Winner
Deepen #Follow #SuperLike #BeWoke #GoViral SAFE #FashionBeyondMe #NoFilter 25% Runner-up
Sumedha #Follow #SuperLike SAFE #GoViral #AreYouReady #FashionBeyondMe BTM2 22% MFSPCA
Jatin #Follow #SuperLike BTM2 SAFE BTM2 BTM2 ELIM
Ishita #Follow SAFE #BeWoke #GoViral #AreYouReady ELIM
Mayur SAFE #SuperLike SAFE SAFE ELIM
Vishakha #Follow BTM2 #BeWoke ELIM
Prince BTM2 #SuperLike ELIM
Aanchal SAFE ELIM
Akshay ELIM
  The contestant won Myntra Fashion Superstar.
  The contestant was the runner-up.
  The contestants were eliminated during the final round by the votes of the Myntra Insiders.
  The contestant was voted Myntra Fashion Superstar People's Choice Award by viewers.
  The contestant won the challenge and received a heart from Sonakshi Sinha.
  The contestant received positive judges' critiques and received a heart from Sonakshi Sinha.
  The contestant received negative judges' critiques and was saved by Guest Judge.
  The contestant was in the bottom 2.
  The contestant was eliminated.

Regulatory action and lawsuits

The Enforcement Directorate are investigating Myntra for breach of Foreign Exchange Management Act.[45]

In January 2016, Enforcement Directorate issued notice to Myntra's owner Flipkart. It has a tie up with Nike with the dealer Funfash to sell all authentic Nike accessories[46]

Labour issues

In June 2016, Myntra's logistics staff went on a strike alleging lack of basic employee benefits and poor wages.[47]

See also

References

  1. ^ "Myntra chief Ananth Narayanan quits". livemint.com.
  2. ^ "Myntra.com Site Info". Alexa Internet. Retrieved 26 April 2020.
  3. ^ "Bloomberg". www.bloomberg.com. Retrieved 8 January 2019.
  4. ^ Surti, Saloni (22 May 2014). "Flipkart-Myntra: Consolidation the only way to survive the Indian e-commerce industry?". indianmediabook.com. Archived from the original on 12 July 2018. Retrieved 4 September 2014.
  5. ^ Bapna, Amit (11 July 2011). "Overall Lifestyle category will cross $1000 billion in India: Mukesh Bansal Founder-CEO, Myntra.com - Economic Times". Articles.economictimes.indiatimes.com. Retrieved 17 June 2012.
  6. ^ "Business / Companies : Myntra.com to expand operations". The Hindu. 7 September 2011. Retrieved 17 June 2012.
  7. ^ Anupam Saxena (14 March 2011). "Updated: Myntra Gets $14M In Second Round Funding". MediaNama. Retrieved 17 June 2012.
  8. ^ ET Bureau (23 May 2014). "Flipkart acquires Myntra, gears up to take on Amazon". economictimes.indiatimes.com.
  9. ^ Flipkart Acquires Myntra in Indias Biggest E-Commerce Deal - NDTVProfit.com. Profit.ndtv.com. Retrieved on 2014-05-23.
  10. ^ "Flipkart acquires E-Tailer Myntra.Com in an around $300 Mn Deal". IANS. news.biharprabha.com. Retrieved 22 May 2014.
  11. ^ a b "Flipkart, Myntra merge in Rs 2,000 crore deal". The Times of India. Bangalore. 23 May 2014. Retrieved 21 May 2015.
  12. ^ Amy Kazmin (15 May 2015). "Myntra spearheads India's move away from desktop browsing". Financial Times. New Delhi. Retrieved 21 May 2015.
  13. ^ Hari Bhushan. "History of Myntra". scribd.com.
  14. ^ "Myntra enters new spaces post merger with Flipkart". moneycontrol.com.
  15. ^ Sen, Anirban (9 January 2018). "Flipkart fashion business catches up with Myntra". Livemint. Retrieved 13 May 2018.
  16. ^ "Myntra Brand Portfolio".
  17. ^ Myntra appoints Ananth Narayanan as chief executive - The Economic Times
  18. ^ "Myntra to Shut Down Website, Go App-Only on May 15". NDTV Gadgets360.com. Retrieved 13 May 2018.
  19. ^ Karrishma Modhy (20 May 2015). "Will Myntra's move away from desktop cause its downfall? apart from this they have a strong appeal amongst smartphone users with this new approach". Tech.firstpost.com/. FirstPost. Retrieved 21 May 2015.
  20. ^ Besta Shankar (21 May 2015). "Myntra Sees 10% Drop in Sales After Moving to App-only Format". International Business Times. Retrieved 21 May 2015.
  21. ^ "Myntra no longer app only, brings back mobile site to woo customers". The Economic Times. Retrieved 16 February 2016.
  22. ^ "Myntra to manage Esprit in India, curate 15 retail stores". The Economic Times. 28 September 2017. Retrieved 12 October 2017.
  23. ^ Sen, Anirban (29 September 2017). "Myntra wins rights to manage Esprit stores in India". livemint.com. Retrieved 12 October 2017.
  24. ^ "Myntra revenue shrunk by 80% to ₹427 crore in FY18". Livemint. 8 January 2019.
  25. ^ sushma.un (2 September 2012). "Fashion retailer Myntra.com raises $60 m in third round of funding". thehindubusinessline.com.
  26. ^ Irfan Khan (2 September 2012). "Myntra.com Raises $20Mn In Third Round Of Funding". Private Equity.
  27. ^ 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)
  28. ^ "Myntra acquires Bengaluru-based Native5". The Hindu. 7 May 2015.
  29. ^ "Myntra acqui-hires content aggregation platform Cubeit". VCCircle. 11 July 2016. Retrieved 16 July 2016.
  30. ^ "Flipkart's Myntra acquires Jabong". 26 July 2016. Retrieved 26 July 2016.
  31. ^ "Myntra partners Textiles Ministry to promote handloom industry". Moneycontrol. Retrieved 18 October 2017.
  32. ^ Bureau, BW Online. "Myntra Associates with Ministry of Textiles to Support Weavers and Promote the Handloom Industry". BW Disrupt. Retrieved 18 October 2017. {{cite news}}: |last= has generic name (help)
  33. ^ "Myntra Acquires Bengaluru-Based InLogg, a Logistics Technology Firm". NDTV Gadgets 360.
  34. ^ Sen, Anirban (16 April 2018). "Myntra acquires wearables maker Witworks". Mint.
  35. ^ "Myntra launches 'Fashion Superstar', world's first digital fashion reality show". afaqs!. Retrieved 23 October 2019.
  36. ^ "Myntra launches 'Fashion Superstar', world's first digital fashion reality show". Indian Television Dot Com. 10 September 2019. Retrieved 23 October 2019.
  37. ^ "Myntra's reality show Fashion Superstar will broaden the influencer market". Moneycontrol. Retrieved 23 October 2019.
  38. ^ "The Zoom Studios, Myntra join hands to launch digital fashion reality show". The Economic Times. 24 June 2019. Retrieved 23 October 2019.
  39. ^ "The Zoom Studios, Myntra join hands to launch digital fashion reality show". The Economic Times. 24 June 2019. Retrieved 23 October 2019.
  40. ^ "Myntra Fashion Superstar: Top looks from the 3 judges that we are crushing on". www.timesnownews.com. Retrieved 23 October 2019.
  41. ^ World, Republic. "Sonakshi Sinha: The actor is a judge on the show Fashion Superstar". Republic World. Retrieved 23 October 2019.
  42. ^ "Myntra aims to boost engagement on app with first-ever digital fashion reality show 'Fashion Superstar'". Indian Television Dot Com. 11 September 2019. Retrieved 23 October 2019.
  43. ^ Tiwari, Saumya (13 September 2019). "Influencers drive fashion buying, says Myntra-Jabong's Nagaram". Livemint.com. Retrieved 23 October 2019.{{cite web}}: CS1 maint: url-status (link)
  44. ^ IANS (30 June 2019). "Sonakshi Sinha to Judge Digital Fashion Reality Show 'Myntra Fashion Superstar'". India.com. Retrieved 23 October 2019.
  45. ^ www.ETTelecom.com. "After Flikpart, online retailer Myntra under ED lens for FEMA breach | ET Telecom". ETTelecom.com. Retrieved 2 March 2016.
  46. ^ "Enforcement Directorates probe on e-comm cos gathers steam". www.moneycontrol.com. Retrieved 2 March 2016.
  47. ^ "We have no loos, basic facilities, complain Flipkart delivery boys - Times of India". The Times of India. Retrieved 2 March 2016.
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