Flipkart owned India’s leading fashion e-commerce company Myntra turnover zoom of ₹2,000 crore in fiscal 2016-17, an 87% jump from the previous year, according to a filing with the Ministry of Corporate Affairs. The company had posted a ₹816 crore loss in FY16.
Tofler a data-tracking platform published this report. As per the report, 94% revenue came from trading business, that includes sales from Myntra’s private labels, a category that offers higher margins and has been aggressively pursued by the company over the years. And rest 6% from data processing, hosting and related activities and its Web portal.
The filing did not show any profit or loss numbers for the year.
Myntra was started private label business in 2015 and it now accounts for nearly a fourth of revenue.
Last year, Myntra CEO Ananth Narayanan announced that Myntra’s private label business, which includes brands Roadster, Dressberry, Anouk, and HRX, had turned profitable.
He also added that he expected the combined gross merchandise volume of both Myntra and Jabong to be $1.2 billion for fiscal 2018, which ends in March.
The trio under which includes Flipkart, Jabong & Myntra under one entity has captured the $3.7 billion fashion market during 2017. Myntra did not respond to Pixr8’s queries till the time of going to press on Friday.