Indian online fashion retailer Myntra’s sales hit a record level during the two day ‘End of reason sale’. According to top executives of the company, its sale jumped 20 times contrasted to the previous month. Company representatives pointed out more than 1.5 million items were sold out in just two days, and Myntra gained 200,000 new clients.
During last year End of reason sale Myntra sold Rs. 90 crore worth products- report says. But they are refused to reveal their gross merchandise volume (GMV) or revenue numbers for the sale period. The Flipkart owned company was now looking for a GMV of more than $500 million annually, a growth rate of 66% than previous year. And also the company targeted to raise its GMV to $1 billion by May-June 2017.
Last year Myntra turned into a mobile app e-tailer through which recently launched a fashion network for brands. Myntra’s Venture capital firm Accel Partners financial reports in 2014 shows that in 2013 Indians bought fashion products worth $559 million through Myntra and the figure may increase $2.8 billion by 2016. According to PwC report online retail in India is expected to reach 3 % of the total retail.