Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Fashion and lifestyle ecommerce player, Myntra, is diversifying into home furnishing, precious and non-precious jewellery and personal care segments, reported ET.
The move to go beyond apparel and accessories is made in an attempt to widen Myntra’s consumer base and to boost profits.
In February 2016, Myntra re-launched its mobile website in a bid to avoid missing out on customers. The move is aimed at first-time web users, who do not use its mobile app.
The re-launch came nine months after the e-retailer went app only. The portal had decided in May 2015 to go app-only, shutting down its mobile and desktop site citing the reason, that it was generating more than 90% of its traffic and 70% of sales through its mobile app.
Earlier, Myntra had restricted its presence to apparel and accessories.
Ananth Narayanan, CEO at Myntra said, “This is a big bet for us to take our first step to expansion in the lifestyle segment, which will also help us meet our set target of attaining profitability by 2017.” He further added the the company was aiming at a revenue of $75 Mn (INR 500 Cr) from the home furnishing segment in the next two years.
The company has reportedly tied up with 40 brands for home furnishings. It is expected to enter personal care products space and jewellery segments by July.
“In all these categories, we will be looking at mass premium segment where the margins are high, so it works for unit-economics,” said Narayanan.
Earlier in March 2016, Ecommerce giant Flipkart had reportedly infused over $50 Mn (INR 338 Cr) in it’s online fashion portal Myntra, according to recent RoC filings.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.