Myntra clocks sales of Rs 850 crore in January

myntra_feFlipkart-owned Myntra registered sales of over Rs 850 crore ($126 million) in January, including those from its recently acquired unit Jabong, a financial daily reported on Monday. Buoyed by its ‘End of Reason Sale’, the online fashion retailer hit an annual revenue run rate of $1.6 billion during the month, Mint reported, citing two executives […]

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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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Myntra’s Vector E-commerce back in red as FY16 revenue rises 40%

myntra_feVector E-commerce Pvt Ltd, the biggest seller on online fashion marketplace Myntra, posted a loss of Rs 8.72 crore in FY16 after turning a profit in the last two financial years, filings with the Registrar of Companies (RoC) show. Profit after tax stood at around Rs 6.5 lakh in FY15. Revenue, however, grew from Rs […]

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Myntra acqui-hires Cubeit to expand technology team

Myntra_01_feFlipkart owned lifestyle e-commerce venture Myntra Designs Pvt. Ltd has acquired mobile-based content aggregation platform Cubeit for an undisclosed amount. The team at Bangalore-based Cubeit has been inducted into Myntra to strengthen and expand its technology team, the company said in a statement. The deal is structured as an acqui-hire where the acquisition is for […]

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Myntra hires ex-Amazon India exec Manpreet Ratia as chief people officer

Manpreet-RatiaFlipkart-owned fashion e-commerce venture Myntra Designs Pvt Ltd has roped in former Amazon India executive Manpreet Ratia as chief people officer and head of new initiatives. Ratia will spearhead key HR initiatives and oversee talent acquisition and retention across verticals. He will also be responsible for driving new business initiatives. Ratia replaces Pooja Gupta, who […]

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Jabong claims to match Myntra in GMV last month

VCCircle_Jabong3Rocket Internet-incubated fashion e-commerce venture Jabong said it is growing its net revenue and gross merchandise value (GMV) at a quick pace while keeping cash burn low and that it will start making profits before any of its close rivals. Jade eServices Pvt Ltd, which runs Jabong in India, said it registered the highest-ever month-on-month […]

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Myntra moves away from app-only strategy, restarts mobile website

Flipkart owned fashion e-tailer Myntra is relaunching its mobile website, six months after it went app-only. However, only parts of the mobile site were functional and a user could access only select product categories. E-commerce giant Flipkart too had done  a u-turn on its app-only strategy last month when it re-introduced its mobile website called […]

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Delhi High Court orders probe into 21 e-commerce firms

The Delhi High Court has ordered the government to investigate 21 e-commerce companies for possible violations of India’s foreign direct investment (FDI) norms. The order came on a petition filed by an industry body earlier this year demanding a government probe into all major e-commerce websites including Flipkart, Snapdeal, Jabong, Myntra and Amazon-owned Junglee.com. Amazon […]

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