Myntra gears up for festive sale with $103 million fund infusion1 min read . Updated: 08 Oct 2020, 09:08 PM IST
- With a focus on omnichannel, Myntra has integrated more than 1000 stores from around 100 brands on its platform
- Myntra will offer nearly 9 lakh styles from over 5000 brands for its customers during the sale
BENGALURU : Flipkart-owned fashion e-tailer Myntra, which is gearing up for its seven-day Big Fashion Festival sale starting 16 October, has received fresh fund infusion of $103 million from FK Myntra Holdings, its Singapore-based parent entity, according to regulatory documents.
Myntra Jabong India Pvt Ltd has issued shared to FK Myntra Holdings and QuickRoutes International, according to documents sourced from business intelligence platform Tofler.
A Myntra spokesperson didn’t respond to queries on the fund infusion.
“We are going big with the festive event this time. We have learnt in the last 4-5 months that fashion is changing and we are positioned to address this kind of demand to shop online. There will be region-specific collection will enable millions of consumers with diverse fashion choices," Myntra CEO Amar Nagaram said in an interview.
The fashion e-tailer is expecting to cater to over 4 million unique customers with a 2X rise in traffic over the previous festive season.
With a focus on omnichannel, Myntra has integrated more than 1000 stores from around 100 brands on its platform to ensure customers get their orders delivered to their doorstep quickly.
Giving a major boost to the omni-channel strategy ahead of the festive season Myntra has partnered with a dozen new brands across categories, giving customers access to new season collections from their stores across the country.
“Omnichannel has become a very big, strategic play for us. We always wanted to bring the right selection at a regional level and it may get tough to serve from warehouses. Unlike earlier, where brands released part of their inventory online, we are encouraging them to list the store inventory on our platform, with stores also facing their own challenges. This helps us in reaching customers quickly and aids stores clear up their inventory," Nagaram.
Myntra will offer nearly 9 lakh styles from over 5000 brands for its customers during the sale. It will be there will be a big focus on 'above the waist' looks due to the virtual nature of social events and celebrations this festive season. Accessories, jewellery and beauty will be integral to festive fashion this year, it said.