E-commerce major Flipkart together with Myntra,which it acquired last year, is targeting to clock an overall GMV of $10 billion in 2016, according to Mukesh Bansal...
E-commerce major Flipkart together with Myntra,which it acquired last year, is targeting to clock an overall GMV of $10 billion in 2016, according to Mukesh Bansal, the head of commerce at Flipkart. Currently, Myntra alone is operating at $500 million annualised GMV and plans to cross one billion dollars by 2016.
“We are doing good as far as unit economics is concerned and we are starting to get profitable on that count. I expect our (Flipkart and Myntra together) revenue to jump to $2 billion in the next two years. Next year will be big in terms of strategic partnerships with brands and merchants,” said Mukesh Bansal.
Talking about the Flipkart-Myntra R2,000 crore acquisition, Sachin Bansal said many a times acquisitions get sour and either of the parties end up getting hurt, which did not happen in this case. “Our partnership has given both of us a lot of advantages and we have learnt a lot from each other. We ensure that both the companies work independently and use each others resources. Myntra has benefited from our big data, supply-chain infrastructure and tech-innovation,” said Sachin Bansal, co-founder and CEO, Flipkart.
Meanwhile, Myntra has also launched a new version of its mobile app, which it claims has a gamut of new features like buyers can talk to each other while shopping, fashion influencers can upload and showcase their collection. Moreover, it also launched a new portal for partners who can publish various kinds of content to target a specific user segment.
Recently, both Flipkart and Myntra had re-launched their mobile website for users that both the online players had discontinued citing more users from their app. However, this mobile website is a lite version of its website.