Flipkart-owned online fashion retailer Myntra narrowed its losses by 23% to Rs 627.7 crore for the year ended March 2017, according to filings with the Registrar of Companies (RoC) and data platform Tofler.
In FY16, the etailer had posted a loss of Rs 815.8 crore. Revenue from operations rose 93.8% to Rs 2,000 crore in FY17 against Rs 1,031.8 crore in FY16.
These are standalone financials of Myntra and does not include the earnings of its subsidiaries.
Moreover, the company’s employee benefit cost rose 11.6% to Rs 219.7 crore in FY17. Marketing and advertising expenses too increased 58.8% to Rs 289 crore in FY17 from Rs 181.9 crore.
In addition to selling branded apparels, shoes and accessories, Myntra has its private labels including bands such as Roadster, Dressberry, Anouk and HRX. In April this year, Myntra acquired Witworks – a wearables devices start-up. As par of the buyout, Witworks’s team has been inducted into the company’s innovation labs. With the acquisition, Myntra would be able to develop wearable products for its private label brands.
It should be noted that Myntra is now part of the Walmart Group, post the acquisition of its parent Flipkart. On May 10, US-based retail giant Walmat announced its acquisition of Flipkart for $16 billion. As part of the buyout, Walmart will infuse fresh investment of $2 billion in Flipkart. The e-tailing company posted 29% increase in revenue to `19,854 crore in FY17 as losses surged 68% to `8,771 crore in FY17, according to the regulatory filings made by the parent company in Singapore.