Myntra expects $1 billion turnover in next two years

Leading online fashion retailer Myntra expects to post sales of Rs 6,000 crore in two years with two-third of its business coming from smaller non-metro towns and cities.

The online retailer is expecting to register sales of Rs 1,000 crore by the end of this financial year.

"In next two years, we would cross a billion dollars, which is Rs 6,000 crore," Myntra Founder and CEO Mukesh Bansal told PTI.

The firm had a turnover of Rs 400 crore last fiscal and is almost doubling every year, he added.

Bullish on future growth, specially in smaller towns and cities, he said: "Right now we are getting 55% of our total turnover fron tier 2 and 3 places. Two-third of our business would come from small towns in about three years."

Explaining the growth from smaller cities, he said customers in Tier 2 and 3 cities do not have access to big shopping malls, designer products and the online medium provide them access to these.

"The combination of lack of access to big brands and access to Internet through mobile would drive the growth. The whole market is underserved today," he added.

When asked what kind of products sold the most in small towns, he said: "The consumers taste, preferences and trends are similar to the big cities. They are well aware about the latest fashion. We do not see too much difference between their shopping and the big city consumers."

On the future outlook, he said that the company would keep on adding international designers exclusively on its portal.

Myntra has signed a deal with Spanish fashion label Desigual to sell its products exclusively through its portal in India.

"We are significantly going to increase our collection, that's why we are here. We are collaborating with lots of designers. Now much more premium products are coming to Myntra platform," Bansal said.

Myntra is exclusively retailing -- New Balance, Supra, Peacot.

Also, Myntra has its own brands as Roadster, Dressberry, Mast & Harbour, Kook n Keech, Anouk, etc.