Online fashion retailer Myntra’s net losses increased 256.56% to Rs 539.2 crore in the year to March 2019 as compared to the year-ago period.
Total expenses of the firm stood at Rs 1,628 crore in the financial year 2018-19, against expenses of Rs 925.64 crore reported in 2017-18, according to the company’s RoC filings sourced from business intelligence platform Tofler.
Revenue from operations grew by 161.3% to Rs 1,041.1 crore in FY19, the data showed.
Flipkart, along with Myntra and Jabong, hold over 70% share in the online fashion market, company officials claim.
In August, Flipkart Group inked a strategic partnership with Bengaluru-based Lifestyle to make the retailer’s private labels available on Flipkart and Myntra platforms.
Both Amazon and Flipkart are looking to attract more brands and continuously focusing on partnering with offline stores, analysts said.
“Because Flipkart and Myntra are growing so fast, we constantly are struggling to offer more and more selection to consumers so that we can satiate their demand,” Rishi Vasudev, senior vice-president and group head for fashion, Flipkart, had earlier told FE.
Myntra which is understood to garner over 25% of its business from (Myntra’s) private labels and had reportedly been planning to expand its offline presence to more than 100 stores by 2020 did not make much advancement on that front. Earlier this year, the retailer shut two loss-making offline stores in Mumbai and Bengaluru, according to media reports.