The Success Story Of Myntra, Online Shopping Site for Fashion & Lifestyle in India

Mukesh Bansal - Myntra

Myntra, The Hub Of Online Fashion Shopping

A popular website among all age groups, the website sells the latest and trending fashion wear and accessories. Established by MUKESH BANSAL along with AUSHUTOSH LAWANIA and VINEET SAXENA and the triplet completed their graduation from IIT Kanpur. 

Myntra was an Indian Fashion e-commerce company, which sells men and women garments, accessories, shoes and many more products related to fashion. The company headquarter is in Bengaluru, Karnataka, India. 

The company sells personalized gift items in May 2014. Later it was acquired by Flipkart in a deal valued at $2,000 crore. The purchase was done by two large shareholders Tiger Global and Accel Partners. 

Mantra is now a freestanding company and can operate independently. Myntra continues to set off-brand under Flipkart ownership, and can work for fashion customers.

In 2014, Myntra has about 1,50,000 products of over 1000 brands in its sleeves, with an allotment of 9000 pin codes in India.

Myntra shut down its website

In 2015 Ananth Narayanan become the Chief Executive Officer (CEO) of Myntra. In his tenure Myntra announced that it will shut down its website and will work through mobile application only.

The most of the transaction and purchase was done through an application. So, they closed their website and started an application on mobile or smartphones. The decision was off target and the result was a 10% decline in sales. 

In February 2016, acknowledging the failure of the “app-only” model, Myntra announced that it will restart its website and work through a website and will re-work its website and come with a new design. 

In 2021, After a police complaint, Myntra changed his Logo, As the complaint register by a Woman Naaz Patel, who runs an NGO named Avesta Foundation. She complains that the Logo image looks like a ‘Naked woman’ that seems vulgar and should be changed.

Investments

Myntra has taken a grip on the market. The favourites and trendy application for garments. In October 2007, Myntra has taken Initial funding from Erasmic Venture Fund (now it is known as Accel Partners) From Sasha Mirchandani, Mumbai Angels and few other investors, and Raised almost $5 million from NEA-Indo US Venture and worked with many more investors.

From 2011 to 2021 Myntra crosses many up and downs. In 2011, Myntra moved away from personalization and started selling lifestyle fashion products. 

In 2014 Myntra continues to set off-brand under Flipkart ownership and can work for fashion customers.

Labour Trouble

In starting Myntra also suffers from labour issues. Labours went on a strike for basic employee benefits and poor wages.

In 2015 Myntra announced that the company will shut down its website and will continue the brand in the mobile application. But in-app it didn’t get much traffic and move to a loss. So, the company decided to revive its website with a new design.

2017 Myntra negotiated and started its offline store and a net loss of $ 151.20 crore. In 2021 Myntra changed its logo after police complain by a woman that it shows an image of a necked woman.   

Reality Show

For boosting up their work and for upcoming fashion, Myntra has organized a digital reality fashion show, “MYNTRA FASHION SUPERSTAR” this a talent hunt based on fashion, the show was in the Myntra application on 17 September 2019.

The show is created in zoom studio. The Judge were also there and are from the Bollywood world. Sonakshi Sinha, a Bollywood Diva! was the chief guest in the show. Now Myntra is mostly touched website for all generation.

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