Flipkart-possessed online design commercial centre Myntra saw its income slip almost 6%, from INR 4,516 Cr in the monetary year 2018-19 (FY19) to INR 4,262 Cr in FY20.
During a similar period, the organisation saw a 9.59% drop in its total expenses, which came to INR 5,136 Cr in FY20. Hence, while still loss-making, Myntra has achieved to cut its losses by 25% year-on-year (YoY), from INR 1,165 Cr in FY19 to INR 874 Cr for the financial year ending March 31, 2020.
It is significant noting that in FY19, Myntra Jabong India Pvt Ltd had seen a 236% YoY rise in losses, from INR 346 Cr in FY18 to INR 1,165 Cr in FY19. Therefore, given that the firm has been capable to cut its losses by 25% in FY20 is a confident sign for the company.
Myntra was established by Mukesh Bansal, Ashutosh Lawania and Vineet Saxena in 2007. In 2014, the organization was procured by Flipkart at an arrangement estimation of INR 2K Cr ($290 Mn). Myntra partners with more than 2K fashion brands and lifestyle brands and services over 19K pin codes across the country.
From around a year, Myntra has been hyping up its omnichannel programs. The company had published its intentions of launching 15 offline shops for its private label products. In June last year, it began an offline store for Roadster. However, media statements at the time challenged that Myntra’s offline stores had run into losses, driving closures of at least two stories, including the one for Roadster.