Myntra stands as India’s beloved premier shopping platform, catering to customers who prioritise quality above all. Myntra undoubtedly takes the forefront of our thoughts when envisioning fashion and online shopping. Its humble beginnings revolved around offering personalized gift items, but it has since blossomed into the nation’s largest fashion site. Myntra strategically acquired numerous subsidiaries throughout its journey, fostering exponential business growth and an enriched customer experience. Embrace the allure of Myntra, where fashion meets excellence!
Myntra – An Overview
- Myntra is an Indian e-commerce fashion company headquartered in Bengaluru, India.
- Founded in 2007 by Mukesh Bansal, Vineet Saxena, and Ashutosh Lawania, with an initial focus on selling personalized gift items.
- Initially operated on a business-to-business model from 2007 to 2010.
- Transitioned to selling fashion and lifestyle products in 2011, shifting away from the personalization aspect.
- By 2012, Myntra expanded its offerings and provided products from 350 popular Indian and International clothing brands.
Myntra – Unveiling its Business Strategy
Myntra follows a successful aggregator model to generate revenue. Its primary business plan revolves around acquiring the latest merchandise from renowned and quality brands and making it available to customers on its platform. By purchasing current-season products from various popular brands, Myntra earns through commissions, operating under the B2C (Business to Customer) revenue model, driving sales and profitability.
- A subsidiary, also known as a subsidiary company or daughter company, is a separate entity owned or controlled by another company, referred to as the Parent or Holding company.
- Such subsidiaries can take the form of corporations, companies, or limited liability companies.
- When one company (Company A) acquires more than 50% of the voting stock of another company (Company B), Company B becomes a subsidiary of Company A, granting it control over Company B’s operations.
Myntra – Key Facts & Figures:
- In 2014, Flipkart made a landmark acquisition by purchasing Myntra for a staggering deal worth ₹2,000 Cr ($280 million).
- At the time of the acquisition, Myntra boasted an impressive array of 1,50,000 products from over 1000 brands, catering to an extensive network of more than 9000 pin codes across India.
- A leadership transition occurred in 2015, with Ananth Narayanan assuming the role of Chief Executive Officer (CEO) at Myntra, replacing co-founder Mukesh Bansal.
- In a significant move, Myntra decided to go app-only, announcing the shutdown of its website on 10th May 2015, to serve customers through mobile applications exclusively. However, this decision faced challenges and was eventually reverted in February 2016, acknowledging its shortcomings.
- Despite the acquisition by Flipkart, Myntra retains its autonomy as a standalone brand, passionately catering to the fashion-conscious customer base.
Myntra – Subsidiaries and Acquisitions
|Company Name||Deal Date|
|Online Services Pvt. Ltd.||August 01, 2018|
|Withdraw||April 16, 2018|
|20Dresses||November 29, 2017|
|InLogg||April 19, 2017|
|Jabong||July 26, 2016|
|HRX||July 20, 2016|
|Cubeit||July 12, 2016|
|Fitiquette||April 04, 2013|
|Exclusively||November 09, 2012|
The Important and Deal breaking Acquisition under Myntra are:
Fitiquette – The Pioneering Virtual Dressing Room Platform
Experience a revolutionary online shopping venture with Fitiquette, the world’s first virtual dressing room platform headquartered in San Francisco. Catering to savvy online shoppers, Fitiquette offers a unique “try before you buy” option, closely resembling the traditional offline store experience. Powered by cutting-edge technology, the platform showcases virtual mannequins that adapt to users’ body types and precise measurements, ensuring a personalized and accurate representation of clothing choices for the best fit. Gone are the days of uncertainty; welcome to a seamless and confident online shopping journey with Fitiquette.
Roadster – Myntra’s Thriving Outdoor Lifestyle Brand
Meet Roadster, Myntra’s exceptional outdoor lifestyle brand, launched in December 2012 and spearheaded by the renowned designer Vanni Lenci. Embracing adventure and style, Roadster captures hearts with its captivating collections. Notably, it holds the distinction of being the first Indian brand to forge an exclusive collaboration with the prestigious MotoGP championship. Despite being accompanied by celebrity brands like Deepika Padukone’s “All About You” and Hrithik Roshan’s “HRX,” Roadster stands tall as Myntra’s biggest moneymaker, captivating the fashion-forward audience.
Pretr Online Services Pvt. Ltd. – Revolutionizing Retail with Omnichannel Excellence
Introducing Pretr Online Services Pvt. Ltd., India’s pioneering end-to-end omnichannel platform for retail, established in 2016 by visionary technology executives Bhavik Jhaveri and Ankur Joshi. Operating from the vibrant city of Mumbai, Pretr offers a seamless shopping experience to customers and serves as an efficient selling platform for fashion and lifestyle retailers, including renowned brands like Esprit and Mango. Myntra’s private labels, HRX, and Moda Rapido, also utilize the power of Pretr’s technology platform, benefiting from advanced services like order management and store analytics.
Jabong – A Tale of Online Fashion and Lifestyle Marvels
Discover Jabong, the illustrious online fashion and lifestyle store that once graced the dynamic landscape of Gurgaon, Haryana. Launched on 23rd September 2011, Jabong swiftly earned fame as a premier private limited company. With an extensive assortment of products ranging from clothing to accessories like bags, shoes, sunglasses, jewelry, and watches, Jabong catered to the diverse tastes of fashion enthusiasts. Though its journey eventually reached its conclusion, Jabong’s legacy remains an unforgettable chapter in India’s online retail chronicle.
Myntra – Major Investors
Some of the Major investors and Venture capital firms investing in Myntra are:
- Accel Partners
- New Enterprise Associates
- Tiger Global Management
- Kalaari Capital
- IDG Ventures India
Embrace the unparalleled shopping experience at Myntra, India’s ultimate destination where excellence meets elegance. For those seeking to explore before committing, prioritize quality over price, and crave beautifully designed products, Myntra stands as the perfect choice. With an extensive array of brands, rest assured, your quest for top-notch products ends here. Myntra’s unwavering commitment to authenticity and quality shines through its rigorous product checks, ensuring only the finest offerings reach your doorstep. Operating on a B2C revenue model, Myntra takes pride in its exclusive platform, offering genuine merchandise sourced directly from trusted stores. Elevate your shopping journey with Myntra, where style and sophistication converge. Happy shopping!