Myntra to expand marketplace business

 

Bangalore: Top online apparel and accessories retailer Myntra.com said it was fast growing its marketplace business, where various sellers sell products to shoppers, and expects the business to generate as much as 40% of the company’s sales.

 

The online retailer, which launched its marketplace business earlier this month, plans to sign on more than 1,000 retailers on its platform from 100 currently, the company said.

 

“Myntra.com has been exponentially increasing its reach and scale, and the launch of our marketplace is imperative to our next phase of growth,” co-founder Ashutosh Lawania said in a statement.

 

 “Our partners can leverage Myntra’s well-established, trusted and state-of-the-art infrastructure and logistics network to penetrate into our vast user base spread across the country.”

 

Lawania said the company expects the marketplace business to generate as much as 40% of its sales by the end of the year, from 20% currently.

 

“With this model, we want to create the country’s largest ethnic wear platform by the end of this year,” he said.

 

Myntra’s chief executive had said in an interview in April 2013 that the company was planning to launch its marketplace business.

 

Myntra raised $50 million from Premji Invest and other investors earlier this year.

Rahul kumar Gupta

PGDM,1st Year

Source:-Mints