Myntra adds three new sellers to comply with FDI norms

myntra_feWith the deadline for compliance with foreign direct investment (FDI) norms approaching, Flipkart-owned Myntra has added three new sellers on its platform to reduce its dependence on Vector E-commerce Pvt Ltd, the biggest seller on the fashion e-tailer. A report in the Mint newspaper said, citing two people aware of the development and documents with […]

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Voonik appoints ex-Groupon executive as chief data scientist

Himmat Singh Padode, chief data scientist, VoonikFashion marketplace Voonik has appointed ex-Groupon executive Himmat Singh Padode as its chief data scientist, the company said in a statement on Thursday. Padode was previously leading the data team of coupons firm Groupon, from its Silicon Valley headquarters. He has also worked with companies such as Essar and Religare. “Voonik is building one-of-a-kind data […]

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Myntra to shut two Gurgaon offices, shift staff to Jabong’s premises

myntra_feIn a bid to cut costs, Flipkart-owned fashion e-tailer Myntra is shutting down two of its offices in Gurgaon and moving around 200 employees to Jabong’s premises in the same city, said a report in a business daily on Wednesday. Myntra had acquired competitor Jabong from Global Fashion Group last July for $70 million (Rs […]

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Myntra’s sales growth slows to 38% in FY16, losses widen

myntra_feFlipkart-owned fashion e-tailer Myntra posted a revenue of Rs 1,069 crore for FY16, registering 38% year-on-year growth. Losses widened by nearly 10% from Rs 741 crore to Rs 816 crore, according to a report in the Mint newspaper citing regulatory filings. The sales growth of 38% was a sharp fall from the 75% growth it […]

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Flipkart, Amazon to bet big on fashion in 2017

TC-lead-flipkartIndian e-commerce heavyweights Flipkart and Amazon India are aggressively focusing on the high-margin fashion segment as they aim for profitability in the long run. Both Amazon India and Flipkart are expanding their private labels in addition to exploring more exclusive brand partnerships to open up more revenue opportunities in fashion, one of the fastest growing […]

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Flipkart relying on fashion vertical to turn profitable

FlipkartOnline marketplace Flipkart expects its fashion business to turn profitable by the middle of next financial year, according to a report by a financial daily. The company’s chief executive officer Binny Bansal said that Flipkart Fashion would be profitable on EBIDTA level by FY2018, according to The Economic Times. “We will be getting into fiscal […]

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Myntra targets $2 bn revenue run rate, profitability in FY18

myntra_feFlipkart-owned online fashion retailer Myntra said the company has crossed $1 billion in annualised run rate riding on an impressive 80% year-on-year growth, thanks to the $70 million acquisition of Rocket Internet-backed rival Jabong and the peak selling festive season sale events. “This year has been the best year we have had so far. We […]

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Ajit Narayanan is the new CTO of Flipkart-owned Myntra

Ajit-Narayanan_feBengaluru-based fashion e-tailer Myntra Designs Pvt Ltd’s chief technology and product officer Shamik Sharma has moved on to an advisory role and Ajit Narayanan has been appointed as the new CTO of the Flipkart-owned firm. Narayanan was formerly the head of engineering at the Mukesh Bansal-founded fashion portal. A Myntra spokesperson confirmed the development, without […]

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Flipkart may hire I-bankers to raise funds

VCCircle_Flipkart8India’s biggest e-commerce marketplace Flipkart India Pvt. Ltd is reportedly in talks with several investment banks, including the US-based Goldman Sachs Group Inc. to attract investors for a new round of funding. In a report, the Mint on Friday said that the Bangalore-based company “is now considering appointing an investment bank for the first time […]

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