Myntra gets $103 million from Singapore-based parent

BENGALURU: Flipkart-owned fashion retailer Myntra has received a fresh capital infusion of $103 million from its Singapore-based parent entity — FK Myntra Holdings — ahead of its seven-day-long festive sale.

Regulatory documents sourced from business intelligence platform Tofler showed that Myntra Jabong India issued 10,79,136 shares to FK Myntra Holdings, and 97,058 shares to QuickRoutes International, a group entity, on October 3, at a price per share of 6,427.

The investment comes just days before Myntra’s Big Fashion Festival sale that kicks off on October 16, during which it expects to double sales compared to the same period last year. “This festive season is going to be the biggest fashion event, not just for Myntra, but what this country has seen,” said Amar Nagaram, CEO of Myntra. “It’s also going to be the biggest in terms of the selection we’ve put together — 9 lakh styles, across 5,000 brands.”

Nagaram added that categories such as ethnic wear, men’s casuals, winter wear, kidswear, home furnishings and personal care are expected to perform strongly during the festive period, besides gifting in the apparel and accessories category. Myntra is also expecting sales momentum from tier-II and tier-III cities — which has improved since Unlock 1.0 — to continue into the festive period, and is anticipating that over 50% of its sales will come from outside Metro and tier-I cities. Overall, the company says it is anticipating a 4X increase in sales over its business as usual (BAU).

Myntra gets $103 million from Singapore-based parent Myntra gets $103 million from Singapore-based parent Reviewed by TechCO on 10/10/2020 Rating: 5

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