In a big turnaround, Myntra, one of India’s largest fashion e-commerce platforms, has reported a profit of ₹31 crore for FY24. This is a huge recovery from the loss of ₹782.4 crore in FY23. A combination of revenue growth and cost optimization has been key to this turnaround, proving Myntra’s mettle in a tough market.
Revenue Growth Amid Market Challenges
Myntra’s consolidated financials filed with the RoC show a 14.71% growth in revenue from operations. The platform’s revenue grew to ₹5,121.8 crore in FY24 from ₹4,465 crore in FY23. This is a big jump and reflects the company’s efforts to expand its reach, diversify offerings and strengthen partnerships with global brands.
In a crowded e-commerce space, this shows Myntra’s ability to pivot and innovate. While quick-commerce platforms are fighting for consumer attention, Myntra has found a space by focusing on aspirational fashion.
Cost Optimisation: A Key Factor
Equally impressive is Myntra’s cost control. Total expenses reduced by 3.16% to ₹5,123 crore in FY24 from ₹5,290 crore in FY23. This was achieved through efficient operations, better resource management and elimination of waste.
Cost and revenue are in sync. Myntra is profitable and running. Bravo!
Launch of ‘M-Now’: Redefining Customer Experience
To stay ahead in the e-commerce game, Myntra has launched M-Now, a 30-minutes delivery service. Launched in select Bengaluru pin codes in November, this service is now live with top global brands like MANGO, Tommy Hilfiger and Levi’s.
M-Now is about convenience and speed, as per the modern consumer. With instant access to premium fashion, Myntra is adding more value to its proposition and setting a new standard in online fashion.
“M-Now will be a game changer in our endeavor to make fashion more accessible and change the way Indians shop for lifestyle,” said Nandita Sinha, CEO of Myntra. Her statement sums up the platform’s focus on innovation to meet the evolving consumer needs and strengthen its brand partnerships.
Express Delivery and Beyond
Beyond M-Now, Myntra is innovating with its ‘Express’ feature which delivers in 24-48 hours for select categories. This is part of the platform’s overall logistics strategy to cater to a wide range of customers with different delivery preferences.
These are all about customer satisfaction and retention through better service and speed.
Strengthening Brand Partnerships
Myntra’s success is built on its strong brand partnerships with global and domestic fashion brands. By bringing premium brands to Indian consumers, Myntra has become the go-to fashion destination. This is adding to Myntra’s product portfolio and reinforcing its premium brand image.
Conclusion: A Strategic Blueprint for Growth
Myntra’s journey from loss to profit is a well-executed turnaround story. Revenue growth, cost efficiency and customer-centric innovations like M-Now shows that Myntra understands the market and the consumer.
As the e-commerce space gets more competitive in India, Myntra’s ability to innovate and respond will be key. With its strategies and operational excellence, Myntra is all set to change the face of fashion e-commerce and continue to rise.
This is a benchmark for other e-commerce players to follow, to show how strategic planning and customer-centric innovations can lead to growth and profit.