Myntra plans reach Rs 500 cr sales in FY13

Online retailer Myntra.com today said it is enhancing distribution network, product portfolio and focusing on new customers, with an aim to garner Rs 500 crore sales in the current fiscal.

Bangalore-based Myntra Designs Pvt Ltd, that sells around 250 brands in fashion and lifestyle category on its portal, will also consider a public listing in the next 2-3 years to fund further expansion.

"In FY13, we are targetting turnover of Rs 500 crore. In terms of scale, by March next year, we are expecting to do 20,000 orders per month," Myntra Designs Pvt Ltd CEO Mukesh Bansal told PTI.

At present the retailer does sales of around Rs 15 crore turnover from over 5,000 orders per month.

"To reach the Rs 500 crore turnover mark, we are adding new products and brands to our catalogue, acquiring new customers, investing in marketing and also enhancing the distribution network," he said.

When asked about the investment required to support the plans he said: "We are well funded for now and might look at public listing to raise more money."

Since 2008, Myntra has raised $40 million from private equity players.

The company at present owns a warehouse each in Bangalore and Delhi, and a new one is coming up in Mumbai.

"We are also gradually expanding our own logistics network for delivering products to consumers. Currently, we have our own logistics in big cities like Bangalore, Delhi, Mumbai, Pune and Hyderabad. Every quarter we will expand in at least 4-5 new cities," he added.

In order to spread awareness among customers, the company will launch 2-3 new mass media marketing campaigns this year.

Myntra.Com offers around 20,000 stock keeping units from 250 international and Indian brands.

According to Bansal, the fashion and lifestyle category in India is currently estimated at $50 billion and poised to grow up to $100 billion by 2015.