Myntra

Overview

Myntra is a prominent Indian fashion e-commerce company headquartered in Bengaluru, Karnataka, India. Established in 2007 by Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena, Myntra initially sold personalized gift items. Over the years, the company transitioned into a comprehensive fashion and lifestyle platform, offering a diverse range of products.

• Founded: 2007

• Headquarters: Bengaluru, Karnataka, India

• Parent Company: Flipkart (acquired in May 2014)

• Subsidiaries: Fitiquette, Roadster

• Website: [Myntra](https://www.myntra.com/)

Key Executives

• CEO: Nandita Sinha

• Serving as the CEO since January 2022.

• Previous experience includes leadership roles at Flipkart from 2013 to 2022.

• Nandita Sinha holds a B.Tech from IIT Banaras Hindu University, Varanasi, and an MBA in marketing and strategy from the Faculty of Management Studies, Delhi.

• Chief Experience Officer (CXO): Manohar Kamath

• CRO & CMO: Mithun Sundar

• Chief Product and Technology Officer: Raghu Krishnananda

• Chief of Strategic Partnerships and Omni Channel: Venu Nair

• Head of House of Brands (HoB): Suman Saha

Company Evolution and Milestones

• Initial Focus: Personalized B2B gift items, such as T-shirts, mugs, and mouse pads.

• Transition to Fashion and Lifestyle: In 2011, shifted focus to fashion and lifestyle products, offering items from 350 Indian and international brands by 2012.

• Key Acquisitions:

• Jabong.com in July 2016: Strengthened Myntra's position as India's largest fashion platform.

• Native5 (April 2015): Expanded mobile technology team.

• Cubeit (July 2016): Enhanced technology capabilities.

• InLogg (April 2017): Acquired logistics expertise.

• Witworks (April 2018): Increased focus on wearable technology.

• Pretr Online Services (August 2018): Enhanced omnichannel retail platform capabilities.

• Express Delivery Service: Launched in May 2022, offering delivery of products within 24–48 hours for items marked with the 'M-express tag'.

Digital Initiatives

• Myntra Fashion Superstar: A digital reality-based show launched on September 17, 2019, aimed at identifying and rewarding India's next big fashion influencer. The show involves a star-studded jury from Bollywood and the fashion industry.

Financial Performance and Challenges

• 2017-2018: Reported a net loss of ₹151.20 crore.

• Notable Changes: In May 2015, transitioned to an app-only model, but reverted to a multi-platform approach in February 2016 after acknowledging the model's limitations.

Regulatory and Labor Issues

• Investigations: The Enforcement Directorate investigated Myntra for potential breaches of the Foreign Exchange Management Act in January 2016.

• Labor Disputes: In June 2016, logistics staff went on strike over alleged lack of basic employee benefits and poor wages.

Social Media and Mobile Presence

• Instagram: [Myntra Instagram](https://www.instagram.com/myntra/?hl=en)

• Twitter: [Myntra Twitter](https://twitter.com/myntra?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor)

• Facebook: [Myntra Facebook](https://www.facebook.com/myntra/)

• Mobile Apps:

• [Google Play Store](https://play.google.com/store/apps/details?id=com.myntra.android&hl=en_US)

• [Apple App Store](https://apps.apple.com/in/app/myntra-fashion-shopping-app/id907394059)

Competitor Profiling for Myntra

Top Competitors

1. Ajio

• Overview: Ajio, established in 2016, is an Indian online retailer headquartered in Bengaluru, Karnataka. It offers multi-category fashion products for men, women, and kids.

• Financials: The company reports an annual revenue of $15.1 million.

• Employee Base: Ajio has a workforce of approximately 2,468 employees.

• Key Offerings: Ajio's products include its in-house brand Ajio Own and a diverse range of exclusive international and homegrown brands. The platform advertises over 1.3 million styles and 5,000+ brands, curated for convenience and variety.

• Notable Executives:

• Sachin Agrawal, HR Head - B2B E-Commerce

• Dushyant Gaur, VP of Engineering

• Dominic Vijay, Shaping Behavior Specialist

• Market Presence:

• Website: [Ajio](https://www.ajio.com)

• LinkedIn Followers: 243,000

• Social Initiatives: Ajio focuses on content and partnerships, such as collaborations with Vogue India and GQ Magazine for trendsetting content.

• Awards & Recognitions: Recent campaigns have received accolades at the SAMMIE awards, highlighting market influence.

2. Meesho

• Overview: Meesho, owned by Fashnear Technologies Private Limited, was founded in December 2015. Headquartered in Bangalore, it is a social commerce platform that enables small businesses and individuals to start their online stores.

• Financials:

• Revenue: ₹5,735 crore (US $690 million) for FY23

• Net Income: ₹-1,675 crore (US $-200 million) for FY23

• Valuation: $5 billion gross merchandise value as of 2022.

• Market Performance: Meesho boasts 120 million monthly active users with a strong focus on fashion, beauty, and home categories. 95% of its offerings are unbranded, making it an accessible platform for small retailers.

• Funding: Meesho has raised over $1.36 billion from investors such as Fidelity, Softbank, and Meta (Facebook).

• Innovations: Introduction of Valmo, a logistics marketplace to streamline shipment services for sellers.

• Market Info:

• Website: [Meesho](https://www.meesho.com)

• LinkedIn Followers and Updates: Presence on Wikipedia and robust feature enhancements.

• Recent Growth: Named one of Time’s most influential companies in 2023 and crossing 500 million app downloads.

3. Nykaa

• Overview: Nykaa, founded in April 2012 by Falguni Nayar, is a public company specializing in cosmetics, personal care, and fashion.

• Financials:

• Revenue: ₹6,386 crore (US $770 million) for FY24

• Net Income: ₹40 crore (US $4.8 million) for FY24

• Employee Base: Employs over 2,000 individuals.

• Market Presence:

• Website: [Nykaa](https://www.nykaa.com)

• Stock Listings: NSE: NYKAA, BSE: 543384

• Key People: Falguni Nayar (Founder & CEO), Anchit Nayar (CEO–E-commerce & Beauty), and Adwaita Nayar (CEO–Fashion)

• Retail Model: Multiple offline stores and a significant online presence with an inventory-based model.

• Innovations and Acquisitions: Nykaa has expanded through in-house product lines and numerous acquisitions, such as 20Dresses.com and Earth Rhythm. It also hosts beauty and fashion content via Nykaa TV, fostering a strong online community.

• Awards: Nykaa has received various recognitions for its business practices and customer experiences.

4. Tata CLiQ

• Overview: Tata CLiQ is a leading e-commerce platform operating under the Tata Group. It provides a wide range of consumer products across fashion, electronics, and luxury categories.

• Uniqueness: Tata CLiQ emphasizes the authenticity of products, sourcing only from authorized dealers and brands.

• Market Presence:

• Website: [Tata CLiQ](https://www.tatacliq.com)

• Employee Size: Company size ranges between 51-200 employees.

• Core Offerings: Features a unique omni-channel marketplace combining both online and physical retail methods.

• Operations: Active promotion of high-quality branded products with easy return policies and competitive pricing strategies to attract a diverse customer base.

5. Amazon Fashion

• Overview: Amazon, the global retail giant, extends its significant influence to the fashion industry, holding the position as the number one apparel retailer in America.

• Key Capabilities:

• Innovation & Technology: Incorporates cutting-edge technology such as augmented reality for virtual try-on experiences.

• Market Influence: Commands a large share of the fashion market with a focus on inclusivity and innovation.

• Management and Opportunities:

• Website: [Amazon Fashion](https://www.amazon.com/fashion)

• Job Market: Offers numerous employment opportunities in various domains through its fashion segment.

• Strategic Moves: Extensive use of data analytics and customer feedback to tailor its offerings to meet diverse customer needs.

Actionable Insights

For sales background research, understanding the competitive landscape around Myntra involves focusing on multi-category e-commerce platforms integrating both fashion and advanced technology. Myntra must leverage unique selling propositions similar to its competitors, such as distinct in-house brands, exclusive partnerships, and leadership in influential marketing campaigns. Further, anticipating strategic moves by monitoring competitors' financial performance, market expansions, and innovative introductions will provide valuable insights for growth opportunities and improved competitive positioning.