Myntra (Myntra.com) is one of the famous online retailer that mainly deals in all type of fashion products and accessories. Myntra was founded in the year 2007 by IIT graduates Mukesh Bansal, Vineet Saxena and Ashutosh Lawania. Initially, Myntra wants to sell customizable gift items, but later on, they shifted their business strategy and becomes the India’s biggest online fashion marketplace. To compete with other giants in the market such as Amazon and offline retailers Aditya Birla Group, Reliance Retail and Future Group, Myntra merged with Flipkart. The current owner of Myntra is Flipkart from the year 2014.
A variety of latest designed and branded products are available on the official website as well as mobile app of Myntra with huge discounts. Recently, Myntra also launched a wide collection of Home & Décor products which includes bedsheets, bath accessories, vases, show pieces and various more from some of the known brands. Along with these, shoes, apparels, accessories and other fashionable items for all are present on this marketplace. One of the best thing about Myntra is that they allow their customers to try and select whether you want to accept the product or want to exchange or return. Exchange and return option have several terms & conditions which can be found on the official website. Moreover, customers can contact the customer support department of Myntra for any type of before or after sale support at Myntra customer care number.
Net Income
In a press conference, CEO of Myntra Mr. Mukesh Bansal stated that the GMV of Myntra in 2016 is more than $4 billion, which is the highest in the online fashion industry in India. In 2014, Flipkart acquired Myntra at $2.5 billion, which is the net worth income of Myntra in the year 2014 and they set up a target to 5x the sales within 5 years from the acquisition. You can Track Myntra Order On Mobile App and even on desktop.
Facts About Myntra
- Initially, in 2007 when Myntra is launched, the founders want to sell personalized gift items on their portal but later on they dropped this idea and adopted to become the largest online fashion retailer in India.
- Founders of Myntra Mukesh bansal, Vineet Saxena and Ashutosh Lawani are graduates from Indian Institute of Technology and had a vision to do some extraordinary in their life.
- In May 2014, Myntra was acquired by Flipkart to compete with the fast growing online eCommerce industry. This acquisition was done to face the competition in the market as in 2013 India’s biggest business giants entered this business such as Reliance Retail, Aditya Birla Group and many more.
- After the acquisition, Flipkart and Myntra faced a big issue as all the labor went on a long strike due to lack of employee basic benefits and wages are quite less. Due to this, owners have to suffer for a big loss in the mean period.
- On 25 April 2016, Myntra was ranked 4th among the top startups in India in the StartupRanking.
