According to Google, the online fashion retail market will touch $35 Bn by 2020. Out of the $100 Bn online retail revenue, in 2020, $35 Bn will be contributed by fashion ecommerce, averred Nitin Bawankule, India director, Google, at an event, earlier this year. With the fashion ecommerce sector growing, the future seems bright for Myntra.
The Flipkart-owned fashion ecommerce company claims that it is aiming to register a gross merchandise value (GMV) of $5 Bn by 2018-2020. In a fireside chat with Sudhir Sethi, founder and chairman of VC firm IDG Ventures India, Mukesh Bansal, chairman, Myntra, talks about his 16-year-long entrepreneurial journey and his experience of building a high-growth company in India and the success ingredients required for it.
He also shares his views on some of the complex challenges faced while on this journey and how he re-invented himself and led the Myntra team to overcome these challenges.
He thinks that India is the place to be right now. “In 2007, I had a hunch that over the next couple of decades, India will get completely transformed through technology, Internet and lot of new industries will get created from scratch which will transform into massive opportunities. We see this unfolding now but we are still very early in the journey. India will be a completely different country over the next 10-15 years,” he said.
Here’s the video of the candid fireside chat: