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Myntra expands to Singapore, offers made-in-India brands
Economic Times
·
3m ago
Medial
Myntra has launched Myntra Global in Singapore to cater to the Indian diaspora, which constitutes about 650,000 residents. Targeting 12-15% of Indian consumers, the platform offers Indian ethnic, festive, and occasion wear, along with home furnishings, through myntraglobal.com. Over 100 brands, including House of Patoti and Anouk, will be available. Products are shipped from India within 4-7 days, although prices may be affected by customs and shipping costs. Expansion to other countries is not planned yet.
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Myntra secures Rs 1,063 crore funding from Singapore-based parent entity
Economic Times
·
3m ago
Medial
Online fashion retailer Myntra secured Rs 1,062.5 crore in funding from FK Myntra Holdings. The funding comes as Myntra expands to Singapore with its new platform, Myntra Global, offering Made-in-India brands. Despite facing competition from players like Shein, Myntra recently turned profitable, reporting a net profit of Rs 31 crore for FY2024. Additionally, Myntra is entering the rapid delivery space with M-Now to compete with quick commerce platforms like Zepto and Swiggy Instamart.
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Myntra expands rising stars programme to support emerging and D2C home brands
YourStory
·
3m ago
Medial
Myntra has launched its home edit for the Myntra Rising Stars (MRS) programme, aiming to support emerging direct-to-consumer (D2C) brands in home furnishings and decor. The initiative offers a platform for both established and new brands meeting specific criteria. The MRS Home Edit has onboarded over 165 D2C brands and aims to help them scale efficiently by reducing customer acquisition costs. Significant growth in Myntra’s home category is attributed to new-age D2C brands and non-metro market contributions.
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India is key strategic market for global brands, says Myntra CEO
Economic Times
·
2m ago
Medial
India's evolving market presents significant strategic importance for global brands, with domestic brands enhancing their propositions. Myntra CEO Nandita Sinha highlights their expansion into Singapore to tap into the Indian diaspora, which already engaged with Myntra's site. The e-commerce platform plans to leverage this growth, focusing on Gen Z and offering personalized, trendy fashion experiences. With e-fashion underpenetrated in India, Myntra aims to capture emerging opportunities, catering to aspirational Indian shoppers across various categories.
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Myntra launches Rising Star Program for D2C brands in beauty and personal care space
YourStory
·
1y ago
Medial
Fashion marketplace Myntra has launched a Beauty edit of its Myntra Rising Stars (MRS) Program, aimed at spotlighting direct-to-consumer (D2C) brands on its platform. The company plans to onboard 300 to 500 D2C beauty brands by the end of the year. Myntra launched the MRS programme last year for fashion, apparel, and accessories brands, with some of them seeing average growth of 2x in demand through community-driven partnerships. The programme offers growth services such as dedicated account managers, optimised cost structures, and enhanced visibility across home and category pages.
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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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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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YouTube expands Shopping programme to India to boost creator earnings
YourStory
·
10m ago
Medial
YouTube has launched a Shopping affiliate program in India, allowing eligible creators to earn revenue by featuring products from Flipkart and Myntra in their videos. The initiative is part of YouTube's push into e-commerce in the country, capitalizing on growing digital shopping trends. Creators can monetize recommendations made in their videos and receive a commission when viewers click on tagged items and make purchases. YouTube plans to expand partnerships to other platforms in the future. The program aims to enhance product discovery and engage customers through trusted creator endorsements.
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Flipkart receives another $262 Mn from Singapore-based parent
Entrackr
·
3m ago
Medial
Flipkart receives another $262 Mn from Singapore-based parent Flipkart Internet (India), the marketplace arm of the Walmart-owned firm, has received another $262 million (Rs 2,225 crore) in internal funding from its Singapore-based parent entity. This comes nearly two months after Flipkart Internet received $382 million from its Singapore-based parent company. The board at Flipkart has allotted equity shares worth Rs 2,225 crore to Flipkart Marketplace Private Limited (Singapore), its multiple filings accessed from the Registrar of Companies (RoC) show. This follows around the same time Flipkart’s fashion platform Myntra India received $125 million from its Singapore-based parent, FK Myntra Holdings. Media reports indicate the firm plans to launch its IPO with a valuation of $60-$70 billion. It is shifting its Domicile from Singapore to India, joining Pine Labs, Zepto, Meesho, and Razorpay in relocating their headquarters back to their home country. According to startup data intelligence platform TheKredible, Walmart owns 85% of Flipkart Internet, which includes its affiliates PhonePe and Myntra. Other shareholders include Tencent, CPP Investments, GIC, SoftBank, and Microsoft. Flipkart is currently valued at $36 billion. For the fiscal year ended 2024, Flipkart reported a 20% growth in operating revenue to Rs 17,907 crore, while reducing its losses by over 41% to Rs 2,359 crore during the same period.
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Ahead of festive season, Myntra introduces zero-commission model for some ethnicwear brands - The Economic Times
Economic Times
·
16d ago
Medial
Myntra has launched a zero-commission model for select women's ethnicwear brands, under its Myntra Rising Stars programme, to boost sales during the festive season. Available for brands selling on their own platforms, the initiative provides strategic support, quicker payments, and enhanced visibility, while leveraging Myntra's delivery network. This model, in effect for three months from August 15, aims to onboard 500 digital-first brands, as Myntra competes with platforms like Amazon and Meesho.
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Myntra turned EBITDA positive in last two quarters: Walmart
The Arc Web
·
1y ago
Medial
Myntra, a fashion platform owned by Flipkart, has been profitable on an EBITDA basis for the past two quarters, according to Walmart. The company's performance has boosted the profile of the Flipkart business, but specific details were not shared. Myntra has made changes such as focusing on a select few in-house brands, improving logistics with Flipkart's supply chain capabilities, and increasing the share of non-apparel products on the platform. It is also targeting non-metro cities and the Gen Z demographic for growth. Myntra holds a 55% market share in online fashion based on monthly active users. Walmart is analyzing when Flipkart could potentially go public.
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