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Myntra appoints Amit Mahajan as VP of GenZ fashion vertical Fwd
Economic Times
·
12m ago
Medial
Myntra, the fashion platform owned by Flipkart, has hired Amit Mahajan as the vice president of Fwd, its fashion discovery portal for Gen Z consumers. Mahajan will focus on developing innovative merchandising approaches and expanding Fwd's product range. This appointment aligns with Myntra's strategy of targeting Gen Z consumers, which several brands, particularly in the direct-to-consumer segment, are adopting. A report by Bain & Company and Myntra estimates that fashion-forward digital natives contribute $4 billion to the e-lifestyle market. Myntra has been gaining market share and ended 2023 with a user base of 40 million.
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Fashion giant Myntra records 60 Mn monthly users during festive season
Inc42
·
1y ago
Medial
Fashion ecommerce major Myntra recorded 60 million monthly active users during the festive season, with a growth of 100% YoY in its loyal customer base in the past 18 months. The Gen Z fashion segment witnessed a surge in demand and a 175% YoY growth in customers. Myntra aims to attract 10 million Gen Z users and exceed 100,000 styles on its app-in-app feature, FWD, by 2023. The company achieved a 70% YoY growth in its direct-to-consumer space and introduced AI-led features. Myntra faced competition from Ajio, Tata CliQ, and Nykaa Fashion.
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InsuranceDekho Boosts Leadership Team With New Hirings; Manish Mahajan Joins As CBO Of Consumer Business
Inc42
·
11m ago
Medial
Former Flipkart executive and entrepreneur, Amitesh Mahajan, has joined online insurance marketplace InsuranceDekho as its President. In his new role, Mahajan will focus on expanding the company's operations and forming key partnerships. Alongside Mahajan, Nishant Gupta has been appointed as the VP of technology, Sonali Mitra as the VP for strategic projects, Prashant Kalaver as the head of internal audit, and Shruti Kapoor as the finance controller. These hires are part of InsuranceDekho's plans to advance and diversify its business.
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Myntra appoints Shoppers Stop's Venu Nair as chief of strategic partnerships and omnichannel
Economic Times
·
1y ago
Medial
Fashion platform Myntra has appointed Venu Nair as its new chief of strategic partnerships and omnichannel. Nair joins Myntra from Shoppers Stop, where he served as the managing director and CEO. In his new role, Nair will be responsible for managing international brands and forging strategic partnerships with global brands at Myntra. He will also oversee the omnichannel strategy for brands. The appointment comes as Myntra aims to expand its range of brands and strengthen its position in the fashion ecommerce market.
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Nykaa appoints ex-Myntra exec to strengthen its fashion vertical; incorporates new unit in GCC
YourStory
·
8m ago
Medial
FSN E-Commerce Ventures, the parent company of Nykaa, has appointed Abhijeet Dabas as the EVP and Business Head of fashion eCommerce. Dabas will be responsible for leading Nykaa Fashion's online growth strategy, expanding its global footprint, and building strategic partnerships. Prior to this, Dabas was CEO of South East Asia at Cars24 and VP of Business at Swiggy. Nykaa recently revealed its Q2 results, with its fashion vertical seeing limited growth due to seasonality. However, revenue increased by 22% mainly due to the success of its digital content platform, Little Black Book.
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Nykaa to pump in INR 150 Cr in its fashion vertical amid rising competition
Inc42
·
1y ago
Medial
Beauty and fashion e-commerce major Nykaa is planning to invest an additional INR 150 Cr in its fashion vertical, Nykaa Fashion Ltd. This strategic investment aims to provide long-term funds to Nykaa Fashion. Along with this, Nykaa will also acquire the lingerie and athleisure business from Nykaa Fashion for INR 229 Cr. The company reported a more than doubled net profit of INR 17.4 Cr in Q3 FY24, while its fashion vertical saw a 40% year-on-year growth in gross merchandise value. Nykaa faces competition from Myntra, Ajio, and Tata CliQ in the fashion e-commerce market.
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Myntra, Cult.fit co-founder Mukesh Bansal bets on new fashion venture
IndianStartupNews
·
1y ago
Medial
Mukesh Bansal is reportedly raising $50 million in Series A funding for a new fashion venture targeting young and GenZ shoppers. Investors like Peak XV Partners and Accel are expected to support the venture. The startup, led by Bansal and co-founder Mohit Gupta, plans to address the preferences of Gen Z consumers, a significant segment in online shopping. This move aligns with the trend as other major platforms like Flipkart and Myntra are also targeting the Gen Z market.
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Myntra clocked $3.9-bn in gross sales in 2023 | The Arc
The Arc Web
·
1y ago
Medial
Myntra, the fashion platform owned by Flipkart, has achieved gross sales of approximately $3.9 billion in 2023, surpassing its major competitor Ajio, owned by Reliance, which achieved over $2 billion in gross sales. Myntra plans to focus on non-apparel segments, such as beauty and international brands, but faces growing competition from Nykaa Fashion. Competition in the online fashion market is intensifying, as players like Reliance and Tata aim to gain market share. Myntra has made strategic changes, including partnering with direct-to-consumer and luxury brands, resulting in increased market share and profitability.
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Can Myntra Win Over Gen Z Loyalty In The Fiery Fashion Market?
Inc42
·
10m ago
Medial
Myntra has experienced a significant increase in gross merchandise value from Gen Z customers, which has more than doubled in the past year. To cater to the shopping preferences of this demographic, Myntra is developing an M-Web platform for FWD that will enable seamless shopping experiences through social media platforms. The company is also expanding its partnerships with various brands, including global, direct-to-consumer, local, and private label brands, to further enhance its product offerings.
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Myntra secures $54 million fund infusion from parent Flipkart
Economic Times
·
1y ago
Medial
Flipkart-owned online fashion platform Myntra has received a $54 million investment from Flipkart, its second investment in a year. Myntra has been facing stiff competition from rivals such as Ajio and Tata Cliq. The company has been focusing on expanding its portfolio of international brands, with premium offerings showing strong growth. However, a research note by Bernstein revealed that while Myntra has a 55% market share in the fashion e-commerce segment, users on its app are not transacting as much as before. Flipkart's investment in Myntra comes after parent company Walmart committed $600 million to Flipkart.
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Angel One appoints former Google Pay VP Ambarish Kenghe as Group CEO
Entrackr
·
6m ago
Medial
Angel One appoints former Google Pay VP Ambarish Kenghe as Group CEO Mumbai-based stockbroking firm Angel One has announced the appointment of Ambarish Kenghe as Group Chief Executive Officer. Kenghe will assume his role as CEO in March 2025. Previously, as Vice President and General Manager at Google Pay APAC, Kenghe was instrumental in scaling Google Pay's footprint and advancing the UPI ecosystem in India. He also played a pivotal role in the launch of Chromecast and contributed significantly to the development of Google TV. Before Google, he served as Chief Product Officer at Myntra, spearheading AI/ML-powered innovations that redefined the fashion e-commerce landscape. "With his proven track record of driving innovation and deep expertise in the industry, he is the visionary leader we need to propel us into our next chapter of growth,” said Dinesh Thakkar, Chairman and Managing Director of Angel One. Angel One is the third-largest stockbroking platform in India, behind Groww and Zerodha. The company has 7.75 million active clients and controls a 15.67% market share in the stockbroking space. Its revenue from operations jumped 19.2% to Rs 1,262.2 crore in the December quarter, compared to Rs 1,059 crore in the same period of the previous financial year, with profits surging 8.1% to Rs 281.4 crore.
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