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Myntra Plans To Enter US Market And Curb Its Losses

Flipkart owned Myntra after reporting a loss of Rs 740 crore is planning to foray into the US market and has set up a subsidiary of Myntra Inc.

The e-commerce player plans to achieve profitability by 2017 and thus is looking for opportunities. Myntra had reported losses of Rs 173 crore in FY14.

Chief executive officer, Ananth Narayanan also said that Myntra does not aim to be a a discount-led platform but a mass premium player and thus with the help of technology, the firm is figuring out what discount can be given to which product considering its price and demand.

Earlier the company said that it had clocked $800 million in annualized GMV in January 2016, taking it closer to the target of reaching $1 billion GMV by FY 2016-2017.

[source]

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