Thursday, April 18

Tag: HRX

Myntra Plans to Expand Offline Business Aiming 100 Stores
BUSINESS

Myntra Plans to Expand Offline Business Aiming 100 Stores

The popular Indian e-commerce company Myntra is now on board to accelerate its growth by increasing the number of its offline stores from 12 to 100 in the coming two years’ time with the aim to make its private label business stronger. According to the reports, the fashion etailer will open 50 stores featuring its most selling and popular brand Roadster. Apart from this, the stores will also come up with brands like HRX and Mango, among others. Myntra already operates the franchise of the Mango label in India. The main purpose of expanding the offline presence is to strengthen the customer base for its brands. Ananth Narayanan, CEO of Myntra said, “We are not opening stores because we want them to be big sales centers. It is a great way to do branding for us and to provide the touch-an...
Myntra’s losses reduced by 25%, Aims to Track Profits for FY18
BUSINESS

Myntra’s losses reduced by 25%, Aims to Track Profits for FY18

Myntra’s marketing strategies and intelligence have lately given a boost to the fashion and lifestyle business of its parent company Flipkart. The losses for the FY17 have reduced by 25% to Rs. 655 crore as against Rs. 823 crore in the previous year. The major strategy adopted by the fashion and lifestyle etailer has been the focus on umbrella branding of its private labels, which means the ability of a single brand to reach across categories. The increase in the reach of private brands to the masses led to the decrease in losses for the company. The documents show that the losses presently stand at Rs 627 crore, lessening 23% on a standalone basis. The company’s three-year-old private label business has grown tremendously and accounts for about 25% of the overall revenue. In Septemb...
Flipkart Owned Myntra Acquires 51% Stake in ‘HRX’
ACQUISITION

Flipkart Owned Myntra Acquires 51% Stake in ‘HRX’

Flipkart-owned Myntra has acquired majority stake in HRX, the active lifestyle brand co-owned by Bollywood actor Hrithik Roshan, and Exceed Entertainment. The company did not disclose the quantum of stake acquired as well as cost of the acquisition. In an emailed statement, it said: "Myntra has bought stakes from Hrithik and Exceed. Both Hrithik and Exceed will continue to be shareholders in HRX." This move is in a bid to further strengthen Myntra's successful private brands business, it added. HRX, one of the first homegrown Indian active lifestyle brand incepted in 2012, was exclusively licensed to Myntra in 2013, and has been one of the top selling brands on Myntra since then. HRX is on track to double its revenues to Rs 200 crore in the current financial year and is ...