Myntra Reports Loss of ₹1.1 Crore Due to Refund Scam in Bengaluru, Fraudster Exploits Refund Policy

Myntra, a Flipkart subsidiary, recently reported a significant loss of ₹1.1 crore due to a refund scam in Bengaluru. Fraudsters exploited the company's refund policy by placing bulk orders and then claiming refunds for non-existent, incorrect, or fake items.

The scam took place between March and June 2024, and involved around 5,529 fraudulent orders delivered to various addresses across Bengaluru.

The fraudsters would often claim that the number of products received was less than what they had ordered, or that the items were different from what was ordered.

Myntra has approached the Bengaluru police to investigate the matter. It's suspected that a gang from Jaipur, Rajasthan, is behind these fraudulent activities. The police have registered a case under the Information Technology Act and IPC sections 419 (cheating by personation) and 420 (cheating and dishonestly inducing delivery of property).

Myntra's case of fraud comes within a few days after another e-commerce platform Meesho faced similar cheating by fraudsters. Cybercrime police in Surat arrested three individuals who cheated Meesho by posing as suppliers and customers. They placed orders and then claimed refunds or raised complaints about the products received.

Myntra is also working on tightening its refund policies and improving its fraud detection mechanisms to prevent such incidents in the future.

According to reports, Flipkart and Myntra may soon start charging cancellation fees for orders that are canceled. The reports, that are still speculative, suggest that Flipkart and Myntra customers will only have a limited amount of time to cancel their orders. After that deadline is crossed, the customers will not be able to cancel the order. However, the e-commerce giant has not confirmed the development yet.

Besides, Myntra has recently ventured into quick commerce with its new service, M-Now, which promises to deliver fashion and beauty products within 30 minutes.

Myntra has bounced back to profitability in FY24 after a loss of ₹782 crore in FY23. The company posted a profit of ₹30.9 crore in FY24, driven by a 14.71% growth in operational revenue and effective cost-cutting strategies.

Getting back to rise in cases of frauds, e-commerce frauds in India have been on the rise, especially with the increase in online shopping. About 57% of all fraud incidents in India are platform frauds, with over 26% of organizations losing over USD 1 million due to it, said a report by PwC India.

Payment Fraud accounts for 92% of all customer frauds, including unauthorized digital purchases and identity theft. Around 40% of platform frauds are conducted by internal actors, often in collusion with external perpetrators.

Vandana Sharma, former Myntra AVP, joins SuperGaming as VP, People

Vandana Sharma served in the Indian army from 1996 to 2006

Her previous organisations include Wipro Ltd, GMR Group, TNT, and Teamlease.

SuperGaming, India’s one of India’s leading gaming companies, is pleased to announce that Vandana Sharma joins the company as VP, People. In her role, Vandana will be heading the People function and also act as the bridge between the management team and various departments at SuperGaming.

Vandana brings over 24 years of diverse experience to SuperGaming. Previously, Vandana was the Head of Human Resources for Myntra’s Supply Chain Organisation from the early days until the Flipkart acquisition. In addition to this she led Organisation Culture initiatives at Myntra. She was also the Chief People Officer at HolidayIQ before foraying into her entrepreneurial journey in Aug 2017 when she founded StartupPeopleConsulting. Her contributions also include many value chain projects and people initiatives across organisations like Wipro Ltd, GMR Group, TNT, and Teamlease.

Before her highly successful corporate career, Vandana served the Indian Army as a Major for 10 years from 1996 to 2006. Her contribution to the Kargil War in 1999 has been recorded and commended in the Military History of Army Ordnance Corps.

Vandana is also a renowned TEDx speaker and Life and career coach.

She was the Linkedin Top Voice, India for 2019 and has been awarded as a women icon Asia Pacific by BERG Singapore in 2017.

"Vandana is the perfect addition to our SuperGaming team. She brings a blend of rich people management experience, exceptional leadership skills, and motivating work ethic. During our discussions, her decisiveness and desire to lead stood out, qualities she has developed during her army days. Vandana will lead the way as we continue to bring in the best gaming talent in India and put India on the global gaming map," said Roby John, founder of SuperGaming.

"I have always advocated building an epitaph over a resume. This will be one of those stories. At SuperGaming, we are building the coolest workplace for our Supers to continue doing their best work within a great work culture. I am delighted to be a Super, game on," stated Vandana Sharma, Vice President, People.

Vandana’s arrival follows the end of a successful 2021 for SuperGaming in which the company raised USD 5.5 million in funding, reached a milestone of 50 million players for its game, MaskGun and launched the highly popular Squid Royale mode in its premier social game, Silly Royale.

About SuperGaming

SuperGaming is one of India's leading gaming companies founded by Roby John, Sanket Nadhani, Christelle D'cruz, Sreejit J, and Navneet Waraich. Along with building popular mobile games such as MaskGun, Silly Royale, and Tower Conquest, it has invested deeply in building its own gaming engine for running hyperscale, real-time multiplayer games that included the official PAC-MAN game.

Additionally, it has launched Bored, a suite of games for remote teams, and is in the process of bringing Indus to market — a made-in-India-for-the-world battle royale slated to launch in 2022. This multi-genre portfolio is indicative of the versatility and depth in game development that the 5 member founding team brings to the table. SuperGaming has 150 employees and is headquartered in Pune. For more information visit https://www.supergaming.com/.

Myntra Announces India's Biggest Fashion Event for Women, Myntra for Her, Set to Be Held Between March 6-9

• Top spender of every hour during the sale will get Myntra Gift Card worth INR 5000
• Shoppers shopping for over INR 4000 and above will be eligible for INR 4,000 off
• During the 4-day event, a special ‘Ladies Night’ will be hosted between 7 pm till midnight, offering products at attractive deals

​
Myntra, India’s leading fashion and lifestyle destination, announces ‘Myntra for Her’, event between March 6-9. This is slated to be the biggest fashion event for women in the country, allowing them to not only refresh their wardrobes with the latest styles and designs ahead of the hot Indian summer, but also do so at the most attractive and affordable prices.
 
Paying tribute to the company’s much-cherished women customers, this year, Myntra has ramped-up the Myntra for Her event from a limited-scale, category-led occasion, to a big-ticket event with 360-degree marketing campaigns. By ensuring the event is the biggest fashion spectacle for women, Myntra wishes to celebrate and value each and every aspect of being a woman.
 
Exclusive Ladies Night

The Myntra for Her event will also host "Ladies Night" every evening from 6-9 March, from 7 pm till midnight, to provide 50-80 percent off on top brands and articles types, as well as other exciting deals on a number of women's go-to categories. Among various unique propositions specially curated for women, shoppers can Buy 1 and Get 3, and Buy 1 and get an extra item at INR 49 on select catalogues.
 
Men too can play their part, with the season being apt for gifting. With women's ethnic wear, western wear, personal care products, sports apparel, lingerie and loungewear, footwear and jewellery, all available at never-before-seen prices, male buyers can shower the women in their lives with exciting gifts without denting their wallets.
 
Exciting offers up for grabs
 
The action starts right from the very first minute of the Myntra for Her event, with Opening Hour Deals, between midnight to 2 am on March 6. This gives shoppers the chance to get their hands on exciting offers, with 30-70 percent off across categories such as ethnic wear, sarees, women’s western wear, lingerie and inner wear, footwear, and accessories. The Beauty and Personal Care category will have some of the most irresistible deals from brands.

Additionally, all customers, who shop for  INR 4,000 or more, will get vouchers worth INR 4,000. The ‘Highest Shopper’ at every hour will also be eligible to receive INR 5,000 off on their next purchase.
 
Commenting ahead of the Myntra for Her sale, Amar Nagaram, CEO, Myntra said, “In a concentrated effort to celebrate every woman in our life, Myntra For Her promises to present them with never before deals across categories.  The event will give women the most exciting opportunity to indulge themselves in a blissful shopping experience.  With curated offerings and holistic campaigns planned across channels, we expect to garner 1.4X jump in women customer traffic over BAU during the event.”
 
Myntra has witnessed a consistent growth in women shopper base in the country, at over 60% YoY, giving a strong indication of their growing purchase intent. Some of the most popular article types that were bought in the last few months by millions of women across the country include, kurtas and kurta sets, jeans, t-shirts, dresses, sarees, beauty, grooming products and accessories, footwear, lingerie and other fashion essentials.

Hours to Go for Myntra’s 13th Edition of EORS; Set to Bring New Year Cheer to Over 40 Million Visitors

• 9 lakh styles from over 3000 brands on offer for the biggest year-end fashion carnival
• 20,000 Kirana partners to cater to 76% of the overall deliveries, spanning over 27000 pin codes
• Geared to handle 9 lakh concurrent users and 20,000 orders per minute at peak
• 200 brands across 1600 stores to help drive the sale as part of omnichannel integration

​
The most awaited fashion event in the country, Myntra’s End of Reason Sale, (EORS) will go live today midnight. Shoppers can look forward to choosing from 9 lakh styles, presented by over 3000 brands while shopping in the biggest edition of the fashion bonanza to date. The 13th edition of EORS will be held from midnight today, to 24 December, and is slated to cater to over 4 million unique customers during the course of the 5-day sale.

The biggest-ever edition of the mega fashion event is also set to witness a massive uptick in demand, at 4X over BAU and 1.5X over the last winter edition of the event, with close 50% of the contribution coming from tier 2-3 markets.

The fashion major is also set to bring a smile to 40 million faces, as it brings the ‘biggest’ of everything – brands, collections, offers, and more. Myntra also expects 65% higher traffic to the platform during the event, compared to last year, owing to higher adoption of fashion through e-commerce and Myntra’s superlative value proposition.

What consumers can look forward to?
Consumers can pick their favourite fashion wear, accessories, beauty products, home decor and more at the best possible price points from brands such as W, Nike, Puma, Adidas, USPA, Levis, Marks & Spencer, Roadster, HRX, Mango, GAP, UCB, Tommy Hilfiger, Biba, Vero Moda, ONLY, AND, H&M, MAX, Pantaloons, Lifestyle, Mother Care, Smashbox and Glamglow, among others. Going by the trend of the previous years and given that the fashion event comes at the opportune time of the onset of winters, customers can refresh their winter wardrobes with the latest trends and styles available on Myntra. Myntra has also scaled-up the collection for Myntra Fashion Brands (MFB) across apparel, accessories and footwear. Some of the leading brands from MFB include Roadster, HRX, House Of Pataudi, Dressberry, Anouk, Sangria, Ether, Taavi and Kook N Keech, among others. In addition, Myntra launched over 50 new brands on its platform ahead of the event, including prominent names such as Decathlon, Pothys, Smashbox, and Pantaloons.

Unique offers
Whether it is the biggest catalogue size, biggest brands, or the biggest value offers, EORS can easily claim the place of the country's biggest fashion event. The present edition of the EORS is slated to be the biggest in terms of growth as well and has a set of incredible value offers to ensure the biggest savings for Myntra’s customers. Myntra has lined up multiple constructs and special offers for its customers. For instance, never before offers from the biggest brands, next buy rewards with every purchase, a flat Rs. 500 off on the first transaction and free delivery for one month for new customers will be available in addition to exclusive offers for Myntra insiders. The specially crafted ‘Shout & Earn’ program that allows shoppers to invite or refer friends to the event, can fetch extra discounts, up-to Rs 150, per friend who may just visit the EORS page on the platform and not necessarily make a purchase. Myntra has tied up with multiple banks for offers during EORS. Shoppers can get ~50-80% off on products, along with an additional 10% off on ICICI and Kotak Mahindra bank debit and credit cards. Additionally, in a one of its kind association with Gaana.com, all Myntra Insiders shopping during the EORS-13 will get a four month subscription of Gaana Plus absolutely free.

Key categories of this edition of EORS
Fashion Essentials, Winter Wear, Ethnic, Personal Care, Active Wear and Sports, to be major contributors to the overall event, with Fashion Essentials and Winter Wear being the largest. Some of these categories, including Ethnic wear, and Beauty and Personal Care were popular during the recently concluded Big Fashion Festival too and Myntra expects this momentum to continue during the upcoming EORS.

Some of the emerging categories which are expected to witness 2X growth are personal care, kids wear, women’s innerwear and watches, and wearables during the event.

Speaking about EORS, Amar Nagaram, CEO, Myntra, said, “One unique aspect of EORS that has always remained constant from the very first edition is its ‘growth’. The 13th edition is thus far the biggest, the fashion-forward customers of the country are going to experience. Our successful omni-channel model, which now has 200+ brands, and expanding MENSA network enabling a stronger last-mile delivery, with 20,000 partners, will be pivotal in enhancing customers’ shopping experience. Through our flagship EORS event, we are looking at acquiring one million new customers, and preparing to ship 1.5 crore items by the first week of the New Year safely to our customers’ doorsteps.”

Scale and enhancements for last-mile delivery
Myntra’s popular Kirana model, under the MENSA network (Myntra Extended Network for Service Augmentation), will cater to 3 out of every 4 deliveries, spanning over 27000 pin codes, giving an impetus to the earnings of MENSA partners. Myntra’s omnichannel network will facilitate direct delivery of merchandise from the stores to the consumers’ doorstep, allowing brands to reach a wide base of customers, in a safe way. Some of the leading brands in Myntra’s omnichannel network include Pantaloons, Bata, Louis Philippe, Flying Machine, Only, and Vero Moda.

Accelerating growth for SMEs
Over 6500 Indian handloom products from 30+ brands are live on the platform, giving impetus to SMEs and the ‘Make in India’ effort. There will be a special selection available from 1000+ Regional and National brands, with a heavily expanded Saree section, housing all major Indian Brands for shoppers to choose from.

Big on Sustainability
Besides being the ‘Biggest edition ever’, this EORS is also special as Myntra reaffirms its commitment to focused responsibility towards the environment. In a pioneering move, Myntra has also announced that over 50% of the orders during EORS-13 will be delivered from solar-powered Fulfilment Centers, at Bhiwandi and Bilaspur.

Marketing initiatives
Myntra has launched an impactful and engaging media campaign to promote the 13th edition of EORS. As part of the campaign, Myntra has released a celeb-led montage ad-film, to deliver one unifying message – ‘EORS is the BIGGEST’. Celebrities, Hrithik Roshan, Kiara Advani, Chaitanya and Samantha Akkineni, and Bhuvan Bam appear in this short film, which has also been spun into 5 parallel films. Apart from this, EORS-13 will witness its biggest celebrity influencer activation to date.

The Myntra Mall
Myntra has also launched ‘Myntra-Mall’ on the app in partnership with brands. About 31 brands will be leveraging this pioneering tech initiative to connect with their customers this EORS.

Myntra Announces Mega Marketing Campaign to Reach 250 Million Customers Ahead of the 13th Edition of Its Flagship, EORS

Celebrities, including Hrithik Roshan, Kiara Advani, Samantha Akkineni, Naga Chaitanya and Bhuvan Bam lead the campaign

Engagement with over 100 influencers, including 25 national and regional film and TV stars

Creation of user-generated content and engagement through interesting activities for shoppers both on the app and social media

Myntra announces the launch of an impactful and engaging media campaign to promote the 13th edition of its flagship, End of Reason Sale, EORS, the nation’s biggest fashion event, scheduled to be held between 20-24 December. Post a very successful, ‘Big Fashion Festival’, Myntra is now geared up for EORS, which brings with it the largest collection of domestic and international brands at the best prices and value offers imaginable, to bid farewell to the year on a cheerful note and enable shoppers to look forward to a positive and truly happy new year.

Whether it is the biggest catalogue size, biggest brands or the biggest value offers, EORS can without a doubt, claim to be the country's biggest fashion event, and the campaign drives home this very aspect. As part of the campaign, Myntra has launched a short but striking montage ad-film, to deliver one unifying message – ‘EORS is the BIGGEST’. Celebrities Hrithik Roshan, Kiara Advani, Samantha Akkineni, Naga Chaitanya and Bhuvan Bam appear in this short film, which has also been spun into 5 parallel films.

The ad-films will be aired across all leading national and regional channels, including digital and social media platforms. Apart from this, EORS-13 will also witness the biggest celebrity influencer activation, with 25 national and regional influencers, who are leading Bollywood and television stars, in addition to associations with over 75 other diverse influencers for stronger engagement.

About the ad film:

The ad-film for the 13th edition of the biggest fashion event gets the message spot-on, with a punchy 15-second account of what EORS stands for – the ‘Biggest’ of everything. Bollywood heartthrob, Hrithik Roshan, returns, exuding his characteristic striking posture to give a prologue to the film and the EORS event itself. He is followed by Bollywood diva, Kiara Advani, Tollywood celebrity star couple, Chaitanya and Samantha Akkineni and India's YouTube sensation, Bhuvan Bam, calling out EORS as the biggest fashion event, offering the biggest brands and biggest value offers on absolutely everything. The film concludes with Hrithik summing up the entire proposition as being unique to Myntra’s EORS. This ad film will be released on TV, digital, OTT and social media platforms for extensive reach.

Link to the film: https://youtu.be/LTBgeGvAOWY
 
Agency - Brave New World
  

In addition to the TVC and influencer engagement, Myntra is also focussing on many other user engagement activities with various social media platforms and celebrities this time, to amp up the excitement and reach a wider spectrum of audiences.

Speaking on the launch of the campaign, Harish Narayanan, Head of Marketing, Myntra, said, “The 13th edition of EORS will be riding on the back of a very successful ‘Big Fashion Festival’, from the initial days of the festive season, which will help catapult our flagship event into the largest fashion event to date in the country. The upcoming edition will continue with the event’s tradition of bringing unmatched offers and a range of options across fashion and lifestyle products, giving people the perfect opportunity to begin their new year on a high note. Apart from offering products at the best prices, Myntra is taking consumer engagement to unprecedented levels, through a robust celebrity and influencer-led campaign, including innovative activities on social media while creating a stronger impact across the country, especially in tier 2 and 3 cities and towns.”

The ‘price reveal’ and ‘early access’ period ahead of the EORS comes with exciting benefits for Myntra Insiders, members of Myntra’s loyalty program, and begins at midnight on 18th December. The Elite and Icon base of ‘Insiders’ will enjoy an exclusive completely free early access to the sale starting this period, while others seeking this option may do so by paying a fee of Rs. 99. Myntra Insiders can also avail additional brand and partner value offers using Insider points and will be able to choose from over 50 brands for various additional offers and prizes. Starting the 10th of December a layer of ‘gamification’, is also available for the customers to play games and earn stars that can be used to buy coupons for the ‘gold slot’ which allows users to purchase their chosen items a few hours before the event starts. There are 6 exciting games for the current edition -Pictogram, Lantern, Santa Drop, Quiz, Crossword, Bubble Shooter, details of which are listed out on the Myntra App. Myntra expects to engage with over 500,000 users with these games ahead of the EORS.

Myntra Announces Bollywood Actor, Kiara Advani, as its Brand Ambassador

Set to drive Myntra's narrative as a Fashion Expert among consumers across the country

Myntra announces Bollywood actor and style icon, Kiara Advani, as its brand ambassador and nationwide celebrity endorser. Her mass appeal as a talented actor and fashion trendsetter is poised to accelerate conversations around Myntra’s apparel segments. She will thus play a pivotal role in connecting one of India’s leading fashion and lifestyle destinations, with millions of fashion-forward consumers.

Kiara is an icon for her filmography and projects across OTT platforms and a well-known fashionista in B-town. Her sublime style quotient is poised to strengthen Myntra’s position as a leading destination for fashion and lifestyle among the customers.

In her role as the brand ambassador, Kiara will establish a strong connection with Myntra’s existing customers, while attracting a new set of fashion-forward, digital-savvy and entertainment-oriented customers from across the nation. Additionally, her engaging social media presence, high resonance with the country's youth population, and a strong fan following will help strengthen Myntra’s vision of democratising fashion.

Speaking about her association with Myntra, Kiara said, “Fashion is all about being comfortable in your attire and I believe comfort brings out the confidence in you. Myntra has changed the overall dynamics of online shopping, it’s a platform that has enabled us to find our fashion favorites with just a click. It’s been one of the most liked platforms amongst the youth and it makes me extremely happy to join hands with them and be associated with the brand."

Speaking on the association, Amar Nagaram, CEO, Myntra, said, “We are ecstatic about our association with Kiara Advani. She personifies fashion and style that appeals to a wide audience across geographies and age groups. Her association will be pivotal in helping us foster our relationship with existing customers while expanding our footprint into unexplored regions in India. This association gives impetus to our commitment of serving the evolving fashion and lifestyle needs using the power of technology while offering superlative customer experience, and unparalleled fashion content."

The influence of cine stars on fashion is ubiquitous. Those moments in life when fashion takes precedence, trendsetters such as Kiara lead the way for people and influence their fashion and lifestyle choices. Non-metro and smaller cities that are fast emerging as key markets for online fashion commerce are no different. The Bollywood diva is set to feature in the company’s new brand campaign focusing on strengthening Myntra’s position as a fashion expert.

About Myntra:

Myntra is India's leading platform for fashion brands and pioneer in m-commerce play. An integral part of the Flipkart Group, Myntra brings together technology and fashion to create the best experience in the fashion and lifestyle space in India. The company has partnered with over 3000+ leading fashion and lifestyle brands in the country such as Nike, Adidas, Puma, Levis, Wrangler, Arrow, Jealous 21, Diesel, CAT, Harley Davidson, Ferrari, Timberland, US Polo, FabIndia, Biba and many more, to offer a wide range in latest branded fashion and lifestyle wear.

Myntra services over 27,000 pin codes across the country. With the largest in-season product catalogue, 100% authentic products, Cash on Delivery and 30-day Exchange/Return policy, Myntra is today the preferred shopping destination in India.

ZestMoney’s 0% EMI Launched on Myntra

ZestMoney, India’s first and largest AI driven EMI financing platform announced 0% EMIs on Myntra's EORS Sale. ZestMoney’s fully integrated payment is the only EMI product on Myntra that enables customers to pay for a ‘basket’ of goods at 0% interest on EMI tenure of 3 months.

A new kind of point-of-sale EMI option from ZestMoney is seen at checkout on Myntra that will allow 6 million customers of ZestMoney to shop using their credit limits on the platform. It’s especially useful when there are multiple items in the cart because it lets customers pay them off over a period of 3 months. With 23,000 pincodes activated, Myntra’s End of Reason Sale starts on 22nd December and ZestMoney’s 0% interest offer can be availed from 20th till 31st December 2019.

Speaking on the announcement, Lizzie Chapman, CEO and Co-founder of ZestMoney, said, “We don't believe that people need to go to banks and take out heavy loans to finance their purchases. These can be financed instantly, at the checkout, using technology and data intelligence. This is exactly what we have envisioned to build ZestMoney and this is how we can redefine the payment experience for our consumers shopping on Myntra."

You're working with a tight budget, but you need to buy an important essential or you want to take advantage of End of Reason Sale (EORS) – what do you do? ZestMoney’s no cost EMIs are easier, convenient and affordable to manage how you pay for online fashion shopping, on your own terms.

ZestMoney is a leading AI Driven, EMI Financing Platform in India. The company is built as a platform that can meaningfully improve the lives of more than 300 million households in the country, who currently have no access to credit cards or any other formal financing options because of insufficient credit history. ZestMoney’s unique platform uses mobile technology, digital banking and Artificial Intelligence to make life more affordable to millions of Indian consumers. ZestMoney is backed by leading investors such as Ribbit Captial, Xiaomi, Naspers Fintech and Omidyar Networks.

~ Newsvoir

 

Myntra Recognized as One of the 100 Best Companies for Women in India

Myntra today announced that it has been recognised as one of the 100 Best Companies for Women in India in a study by Avtar titled ‘2019-Working Mother & Avtar Best Companies for Women in India’. Myntra has been recognized for its work culture, policies for recruitment, retention and advancement, flexible work and added benefits provided to working mothers as well as for providing growth opportunities for women to become leaders of tomorrow.

Speaking on the occasion, Abhishek Sen, Senior Vice President and Head of Human Resources, Myntra, said, “We are delighted to receive this honour and would like to thank Avtar for recognizing some of our distinguishing initiatives, that have made Myntra a Best Company to work for women. Our unique work culture and new age HR policies offer women employees an environment that allows them to strike the perfect work-life balance and provide equal opportunities for growth.”

Commenting on the findings, Dr. Saundarya Rajesh, Founder – President, AVTAR Group, said, “It is extremely heartening to note that a milestone, originally envisaged as taking several decades to achieve in India, is now less than a decade away. The vanguard leadership of the organizations participating in the Best Companies initiative has ensured that it is possible for every company in India to achieve a 50-50 gender balance, which was previously seen as an unsurmountable challenge. By utilizing data about effectiveness of measures, companies are now very strategic about gender inclusion, which has translated into rapid results. The women are delighted and so are we! The year on year progress of companies, who have put themselves on a fast-track, via innovative practices and deep commitment is exemplary.”

Adding to this, Ms. Subha V. Barry, President – Working Mother Media, said, “Each year, we look forward to celebrating the 100 Best Companies in India by shining a spotlight on the work they are doing on behalf of women throughout the country. Much progress has been made. We applaud these organization's diversity and inclusion efforts, and by setting a high bar, we hope other organizations will follow their lead so we can work toward a more inclusive world."

Myntra, one of India's leading platform for fashion brands and pioneer in m-commerce play, has partnered with over 2000 leading fashion and lifestyle brands in the country such as Nike, Adidas, Puma, Levis, Wrangler, Arrow, Jealous 21, Diesel, CAT, Harley Davidson, Ferrari, Timberland, US Polo, FabIndia, Biba and many more to offer a wide range in latest branded fashion and lifestyle wear. Myntra services over 19,000 pin codes across the country. With the largest in-season product catalogue, 100% authentic products, Cash on Delivery and 30-day Exchange/Return policy, Myntra is today the preferred shopping destination in India.

Myntra Acquires Consumer IoT Startup Blink (Previously WitWorks)

Flipkart-owned fashion e-commerce firm, Myntra, today announced that it has acquired Blink (earlier known as Witworks), a Bengaluru based technology startup, focused on the development of consumer IoT products, smart wearable devices and their underlying software.

As part of the acquisition Myntra has inducted the team into its Innovation Labs; further strengthening the company's robust technology team and augmenting its product development capabilities. The deal amount remain undisclosed.

"Wearables is currently a 300 crore industry in India and is growing rapidly, with online contributing 60 percent to the total business. This acquisition will help us to solidify our position in this segment and enable us to develop and launch cutting-edge wearable products like smart shoes, connected smart watches and interactive/intelligent clothing with biosensors," said Jeyandran Venugopal, Chief Technology Officer, Myntra.

Witworks Consumer Technologies was founded in 2014 by Somnath Meher, Ankit DP and Chandrashekhar Iyer, alumni of IIT-Kharagpur. In 2016, the startup raised undisclosed amount in seed from from Fireside Ventures, Investopad, P39 Capital and a syndicated group of angels including Anupam Mittal and Abhinav Sinha, among others.

It launched its flagship wearable device, the Blink Watch in 2016, which operates on their voice-based platform, Marvin OS. The company also has a range of audio and fitness wearable devices, under the same brand.

The platform integrates a host of native and third-party services capable of innovative voice and visual interactions, designed specifically for wearable devices.

Witworks also has a range of audio and fitness wearable devices, under the same brand.

The company has a dedicated product development and marketing team, with capabilities to produce devices in India as well as in global production houses.

This acquisition will enable Myntra to develop wearable products for their in-house brands as well as leverage the technology to drive innovation and enhance consumer engagement in the future.

The above development was first reported in ANINews.in.

This is Myntra's first acquisition in IoT/Wearable space and eighth acquisition overall to date, as earlier the company has acquired 20Dresses in 2017, InLogg in 2017, Jabong in 2016, Cubeit in 2016, FITIQUETTE and Exclusively

Myntra Acquires Consumer IoT Startup Blink (Previously WitWorks)

Flipkart-owned fashion e-commerce firm, Myntra, today announced that it has acquired Blink (earlier known as Witworks), a Bengaluru based technology startup, focused on the development of consumer IoT products, smart wearable devices and their underlying software.

As part of the acquisition Myntra has inducted the team into its Innovation Labs; further strengthening the company's robust technology team and augmenting its product development capabilities. The deal amount remain undisclosed.

"Wearables is currently a 300 crore industry in India and is growing rapidly, with online contributing 60 percent to the total business. This acquisition will help us to solidify our position in this segment and enable us to develop and launch cutting-edge wearable products like smart shoes, connected smart watches and interactive/intelligent clothing with biosensors," said Jeyandran Venugopal, Chief Technology Officer, Myntra.

Witworks Consumer Technologies was founded in 2014 by Somnath Meher, Ankit DP and Chandrashekhar Iyer, alumni of IIT-Kharagpur. In 2016, the startup raised undisclosed amount in seed from from Fireside Ventures, Investopad, P39 Capital and a syndicated group of angels including Anupam Mittal and Abhinav Sinha, among others.

It launched its flagship wearable device, the Blink Watch in 2016, which operates on their voice-based platform, Marvin OS. The company also has a range of audio and fitness wearable devices, under the same brand.

The platform integrates a host of native and third-party services capable of innovative voice and visual interactions, designed specifically for wearable devices.

Witworks also has a range of audio and fitness wearable devices, under the same brand.

The company has a dedicated product development and marketing team, with capabilities to produce devices in India as well as in global production houses.

This acquisition will enable Myntra to develop wearable products for their in-house brands as well as leverage the technology to drive innovation and enhance consumer engagement in the future.

The above development was first reported in ANINews.in.

This is Myntra's first acquisition in IoT/Wearable space and eighth acquisition overall to date, as earlier the company has acquired 20Dresses in 2017, InLogg in 2017, Jabong in 2016, Cubeit in 2016, FITIQUETTE and Exclusively

Indian Startups Are Naming Their Offices After Newton, Shakespeare And Here's why

What makes a company standout? No, it is not the products or their services, it is the people that make a company successful. Happy employees equals a happy company. Companies in the Indian startup ecosystem understand this thing and are trying their level best to make their employees their priority so that their employees make the firm’s work their priority.

Recent times have seen startups putting in more effort into improving the nomenclature of the company rather than just working mechanically as a well oiled machine. Innovative decor, room themes, game rooms, nap rooms etc. are no more exclusive just to big companies like Google or Apple.

In fact, according to a recent report by Quartz, this trend is spreading like a wild fire in the Indian startup ecosystem. More than their work, startups in the country are gaining popularity among the workforce for the facilities, environment and perks they have to offer to their employees. This is one of the many reasons that many youngsters nowadays prefer working for a startup rather than going for a renowned brand.

So, it comes as no surprise that Flipkart, which is considered as one of the most successful Indian startup till date, has also embraced the trend.

India’s numero uno player in the ecommerce segment describes its 11 floors office as being “designed to drive innovation”. The office, which features a large digital map of India projecting a real-time feed of orders being placed across the country, has spaces named after Isaac Newton, Andy Warhol, William Shakespeare and even has an area dedicated to The Beatles.

Each of the 11 floors have a character of their own, each distinct from other. “From science to sports and fashion to music, each floor is designed and inspired by human greatness in various fields,” said the company during the unveiling of the new office.

Flipkart’s online retailer Myntra has rooms named after fashion designers like Coco Chanel and Gucci, Hollywood stars like Alfred Hitchcock and Jack Nicholson, sporting world biggies like Roger Federer, Sachin Tendulkar, Michael Schumacher, technologists and inventors like Barbara Liskov, Bill Gates, and brands such as Apple, Coca-Cola etc.

Uber, which went for an image makeover earlier this year, decided to rename its conference hall the Peace Room, in place of the earlier War Room. The step can be considered as an effort on the company’s part to spread peace and positivity among the employees rather than them feeling that they’re going to a war each time they enter the conference room.

India’s very own mobile wallet payment biggie Paytm has its rooms named after world cities like London, Paris, Tokyo, New York, among many others. The rooms reportedly symbolise Paytm’s ambition to conquer the world market one day. “Every meeting room is named after an important city in the world. It symbolises ‘built in India, built for the world,'” Paytm senior vice-president Shankar Nath said to Quartz. “It inspires us to widen our horizons, and develop products and solutions that have universal appeal,” he further added.

Private aerospace startup Team Indus has rooms in its Bengaluru office named after Space missions like Mangalyaan, Voyager, Pathfinder, Pioneer, and Challenger and inspirational words like Aspire, Believe, and Create.

“Everyone who works at Team Indus was a space nerd while growing up, so these names keep the magic alive for them,” said marketing head Sheelika Ravishankar in a statement to Quartz.

There can be various upsides of having a colourful workplace with innovative themes. “Rituals and routines can play a role in developing an organisational culture by creating narratives within the firm,” said Suresh Bhagavatula from the Indian Institute of Management Bangalore in a statement to Quartz. He further added, “Some talent may join startups because of these rituals and routines.”

Amazon Has Developed An AI Fashion Designer

Fashion is not something that comes naturally to a lot of us. This is why we have the fashion industry guiding us about the latest trends, what not to wear, what definitely not to wear and what not to wear with what. In order to bring a certain calm to the chaos of keeping up with these ever-changing fashion trends, global ecommerce superpower Amazon is currently working on replacing some burden of stylists and designers with AI algorithms. Yes, AI for fashion. Sounds fashionably interesting, right?

Reportedly, Amazon is in the midst of meticulously working on several machine-learning systems that if end up working out perfectly can help not only in spotting and reacting to latest fashion trends, but also shape one's own. The AI systems can help Amazon and several other companies in improving their trend tracking activities in other areas of retail, for example, churning out recommendations based on product spotting on social-media postings. The new effort could also help Amazon in expanding its reach in the clothing industry or even dominate it in the near future.

Last week saw Amazon giving us a glimpse of its interest and thought process for the sector by organising workshop on machine learning and fashion. One of the attendees who signed up for the event was, Kavita Bala, a professor at Cornell University. According to her, recent years have seen a whole lot of companies like Amazon investing their time and money in getting a better understanding of how fashion actually develops and grows in the real world. “This is completely changing the industry," she further added in a statement to MIT Technology Review.

The clothing world is currently witnessing a number of retailers making use of popular social networking sites like Facebook, Instagram and Pinterest to keep a track of the quickly changing fashion trends and keep themselves at pace with these changes. For example, there's a Startup called Stitch Fix, which provides personalised recommendations based on a user's social-media activity and preferences.

In the past few years, Amazon has actually worked hard on growing its apparel business. It has invested in developing its own clothing brands, spent money on good-quality photography shots for its products, and debuted its Prime Wardrobe, a novel concept which allows online shoppers to try clothes before actually buying them. It has even developed an app called Echo which gives users feedback on whether a particular outfit works for them or not.

But, one look at all these activities can help one deduce that the company is more incline towards pushing the algorithm agenda into the industry. For instance, recently a group of Israel-based Amazon researchers had successfully invented a machine learning that could deduce whether a particular looks falls in the stylish category by simply analysing a few labels attached to images. The software developed is capable of providing constructive feedback for making some quick adjustments. For the unversed, the machine learning developed is being considered as extremely innovative as usually a computer needs to be fed extensive labelling in order for them to learn from visual information. But, in the social media world, people might not put that many labels.



At Amazon's San Francisco-based research lab, Lab126, a team has been successful in developing an algorithm that is capable of learning about a particular style of fashion simply from images, and then create new items in similar styles right from the beginning. One can say that the algorithm acts as a simple AI fashion designer. They use a cutting-edge tool called a generative adversarial network, or GAN, which were developed by a researcher on the Google Brain team. The GAN consists of two deep neural networks operating in tandem to learn efficiently from raw data. It internalises the properties of a particular style simply by looking at lots of examples, and it can then apply that style to an existing item of clothing. The system might not be as much sophisticated as the fashion industry wants it to be, but it definitely hints towards a revolution in the making.

Both of the aforementioned Amazon efforts were revealed in Amazon's workshop held last week. The event also saw many companies sharing their innovative efforts in the field of fashion and AI. For instance, a team from Indian clothing ecommerce site Myntra demonstrated a program that guesses a person’s correct size for a particular garment from his or her past purchases. Another interesting idea was from a group from the University of Illinois in Urbana-Champaign who showed an algorithm that could help identify fashion-focused social-network accounts.

It seems, AI for fashion is going to become big very soon. Keep watching this space to remain updated about the same.

Amazon Has Developed An AI Fashion Designer

Fashion is not something that comes naturally to a lot of us. This is why we have the fashion industry guiding us about the latest trends, what not to wear, what definitely not to wear and what not to wear with what. In order to bring a certain calm to the chaos of keeping up with these ever-changing fashion trends, global ecommerce superpower Amazon is currently working on replacing some burden of stylists and designers with AI algorithms. Yes, AI for fashion. Sounds fashionably interesting, right?

Reportedly, Amazon is in the midst of meticulously working on several machine-learning systems that if end up working out perfectly can help not only in spotting and reacting to latest fashion trends, but also shape one's own. The AI systems can help Amazon and several other companies in improving their trend tracking activities in other areas of retail, for example, churning out recommendations based on product spotting on social-media postings. The new effort could also help Amazon in expanding its reach in the clothing industry or even dominate it in the near future.

Last week saw Amazon giving us a glimpse of its interest and thought process for the sector by organising workshop on machine learning and fashion. One of the attendees who signed up for the event was, Kavita Bala, a professor at Cornell University. According to her, recent years have seen a whole lot of companies like Amazon investing their time and money in getting a better understanding of how fashion actually develops and grows in the real world. “This is completely changing the industry," she further added in a statement to MIT Technology Review.

The clothing world is currently witnessing a number of retailers making use of popular social networking sites like Facebook, Instagram and Pinterest to keep a track of the quickly changing fashion trends and keep themselves at pace with these changes. For example, there's a Startup called Stitch Fix, which provides personalised recommendations based on a user's social-media activity and preferences.

In the past few years, Amazon has actually worked hard on growing its apparel business. It has invested in developing its own clothing brands, spent money on good-quality photography shots for its products, and debuted its Prime Wardrobe, a novel concept which allows online shoppers to try clothes before actually buying them. It has even developed an app called Echo which gives users feedback on whether a particular outfit works for them or not.

But, one look at all these activities can help one deduce that the company is more incline towards pushing the algorithm agenda into the industry. For instance, recently a group of Israel-based Amazon researchers had successfully invented a machine learning that could deduce whether a particular looks falls in the stylish category by simply analysing a few labels attached to images. The software developed is capable of providing constructive feedback for making some quick adjustments. For the unversed, the machine learning developed is being considered as extremely innovative as usually a computer needs to be fed extensive labelling in order for them to learn from visual information. But, in the social media world, people might not put that many labels.



At Amazon's San Francisco-based research lab, Lab126, a team has been successful in developing an algorithm that is capable of learning about a particular style of fashion simply from images, and then create new items in similar styles right from the beginning. One can say that the algorithm acts as a simple AI fashion designer. They use a cutting-edge tool called a generative adversarial network, or GAN, which were developed by a researcher on the Google Brain team. The GAN consists of two deep neural networks operating in tandem to learn efficiently from raw data. It internalises the properties of a particular style simply by looking at lots of examples, and it can then apply that style to an existing item of clothing. The system might not be as much sophisticated as the fashion industry wants it to be, but it definitely hints towards a revolution in the making.

Both of the aforementioned Amazon efforts were revealed in Amazon's workshop held last week. The event also saw many companies sharing their innovative efforts in the field of fashion and AI. For instance, a team from Indian clothing ecommerce site Myntra demonstrated a program that guesses a person’s correct size for a particular garment from his or her past purchases. Another interesting idea was from a group from the University of Illinois in Urbana-Champaign who showed an algorithm that could help identify fashion-focused social-network accounts.

It seems, AI for fashion is going to become big very soon. Keep watching this space to remain updated about the same.

Myntra Acquires Bangalore Based InLogg to Strengthen Its Supply Chain and Logistics Capabilities

Myntra today announced that it has acquired InLogg, a Bangalore based technology platform that provides end to end logistics solutions for the ecommerce sector. As part of the acquisition, the team at InLogg has been inducted into Myntra, making it an acqui-hire that will further strengthen and expand Myntra’s supply chain capabilities.

InLogg was founded in 2015 by a team with first hand expertise in fulfillment, technology and business, with an aim to standardize the process of logistics in remote areas and bring in efficiency. To enable reach, the InLogg platform has onboarded local and regional courier players in multiple states across the country. The company stitches composite supply chain using multiple regional logistics players to provide a pan India delivery network. The core management team comprises Preeti Jain, CEO, Rajat Khanduja, CTO, Prateek Gautam, Head of Product & Operations and Hemant Agrawal, Head of Business Development.

Over 50% of the e-commerce and retail business in India is contributed by tier 2, 3 and 4 cities and towns. With limited logistical capability and reliability in these areas, InLogg devised a solution to bridge the gap with technology. InLogg is uplifting technology sophistication of regional courier companies by providing SaaS for shipment lifecycle management, mobile apps for pickup, delivery, returns, COD reconciliation, reporting and analytics. This helps in standardizing the logistics fulfillment process and providing needed visibility. With this acquisition, Myntra will be able to strengthen its logistics capability with an expanded reach and improved customer experience.

Ananya Tripathi, Chief Strategy and Planning Officer, Myntra, said "Myntra's vision is to use technology to democratize fashion. With an 80% year on year growth, we are on a strong trajectory to achieve this. The Inlogg acqui-hire with the platform and capabilities will help us scale while delivering great customer experience in Tier 2, 3 and 4 cities. It will allow us to leverage local and regional players to enhance our reach, reduce delivery time and develop a plug and play model which can be scaled in the future.”

Ambarish Kenghe, Chief Product Officer, Myntra, said "We are very excited to welcome the core team of InLogg who bring with them deep domain knowledge combined with technology-led thinking which will help enhance our supply chain and logistics roadmap and continue to strengthen Myntra's differentiation on service. With the implementation of GST, launch of Value added services and continued focus on efficiency in FY18, has led to SCM becoming one of the most exciting areas where we will continue to invest for the future."

InLogg is Myntra’s fourth technology led acquisition. Myntra acqui-hired Cubeit, a Bangalore based tech start-up in 2016. Another Bangalore based mobile App development company called Native5 was acqui-hired in 2015. Fitiquette, a San Francisco based technology solution which is a one of a kind virtual fitting room, was acquired in 2013.

Myntra Opens Its First Offline Store To Increase Profit Margins

Flipkart-owned online fashion retailer Myntra has opened its first offline (brick-and-mortar) store in order to increase the visibility of its high margin in-house brands.

Myntra on Thursday opened its first 'Roadster' brand store in the locality of Indiranagar in Bengaluru. The store will allow customers who've never shopped for Roadster products online and also existing customers get an experience of the brand offline.

With this, Myntra has joined its e-commerce peers such as Zivame, LensKart, Pepperfry and Urban Ladder who already have similar offline stores. For last one year or so Flipkart is considering opening traditional brick-and-mortar/ or offline stores as part of a so-called online-to-offline (o2o) strategy to attract more shoppers.

Last year, global e-commerce giant Amazon had too opened a brick-and-mortar store in New York, and Amazon India launched its offline shopping initiative called Udaan in late 2014.

Myntra picked Roadster -- its in-house fashion brand -- for its offline debut because it's not only the largest in-house brand the company has, but also the largest selling clothing brand on its online platform. The brand currently contributes 8 per cent of the overall revenue of Myntra and is on track to hit a run rate of Rs 600 crore in the current financial year.

"The purpose of this store is to create a Roadster brand experience," said Ananth Narayanan, CEO of Myntra. "Of course it will do sales, but more importantly it represents the brand and it gives us the chance to experiment with omnichannel technology which we will apply in many other areas."

"For most offline stores the problem I think is driving traffic or footfalls, but for instance we know that there are 40,000 Roadster customers in this area. There are many things we know from the data we get on the app and we are deploying those learnings," added Narayanan.

Myntra Grows 80% YoY; Set to Achieve Profitability in FY18

Myntra, Indian platform for mass premium fashion today announced that it has witnessed 80% year on year growth with an industry leading revenue run rate of $ 1 billion. The acquisition and turnaround of Jabong and the recently concluded festive season have contributed to this growth and strengthened Myntra’s position on its path to profitability.

Speaking about building India’s largest fashion and lifestyle destination, Ananth Narayanan, CEO of Myntra and Jabong said, “We are at the forefront of fashion in India today with over 18 Million monthly active users. Our unique approach to leverage technology to decode fashion has helped us become the fastest growing online fashion platform. Myntra, Jabong and Flipkart together have 70% market share in the country today and will continue to grow this by empowering brands and customers. We are on track to achieve scalable and sustainable growth and will be EBITA positive in FY18.”

In this phase of growth, Myntra is using technology to empower its customers and brands. For customers it is leveraging Artificial Intelligence (AI) and Machine Learning for a personalised shopping experience, better product discovery and assisted buying. The company has introduced several features to enhance customer experience resulting in Myntra being 20 points ahead on NPS than the industry. To its brand partners,Myntra provides brand performance and analytics support, customer insights to develop a loyal fan base and enable engagement. In line with this, it has launched a new portal which will provide brands with customized insights and competitive intelligence reports to manage their performance on the platform.

Myntra is hosting its 5th Annual Brand Summit- Tech Threads today, where delegates from over 300 leading Indian and international fashion and lifestyle brands will come together to deliberate over how e-commerce is shaping the growth of fashion brands in India. The key focus areas for summit are the future of fashion ecommerce in India, customer trends and the role of technology to deliver effective consumer experiences. A brand playbook which will enable brands to customize and develop marketing campaigns to leverage Myntra as a digital marketing platform will be unveiled at the Brand Summit.

The company will also launch iconic global fashion labels Hugo Boss and Hackett which will be available on the platform. The day long summit will have panel discussions on a range of topics from technology enabled retail, supply chain Innovation and building of brands in the new age and conclude with an Awards Night for brands.

Image : Ananth Narayanan, CEO of Myntra and Jabong

Myntra Appoints Former Wipro Executive Dipanjan Basu as Chief Finance Officer

Myntra, a Flipkart Group company, announces the appointment of Dipanjan Basu as the CFO. A seasoned leader with expertise in a multitude of Finance and Business functions, Dipanjan brings over 15 years of experience to the fore. He moves into his new role at Myntra from Wipro, where he was the Chief Finance & Operating Officer for Wipro’s Digital & Consulting Business.

Dipanjan brings with him a wealth of experience in the space of financial management and operations control, building and setting up new businesses, M&A and investments in startups. He also oversaw the finance function for the Manufacturing & Healthcare business at Wipro and has been instrumental in driving billion dollar deals and leading business process reengineering at Wipro. Dipanjan started his career at Wipro as a young professional and built his way up to being one of the youngest Vice Presidents at Wipro. Dipanjan also had a two year stint with Quatrro Risk Management Services where he was the CFO of the company.

In his new role at Myntra, Dipanjan will be overlooking the finance function of the country’s largest online destination for fashion. Dipanjan is expected to streamline and further enhance important processes as the E-commerce major is witnessing strong growth.

Welcoming Dipanjan Basu to Myntra, Ananth Narayanan, CEO, Myntra said, “Apart from being an exceptionally talented individual, Dipanjan is also a people leader. His skills and expertise in finance and operations will be of immense value to Myntra, especially at this juncture as we scale our business to meet ambitious targets. I would like to welcome him on board on behalf of the Myntra family.”

Speaking on his new assignment, Dipanjan Basu said, “I am looking forward to my stint with fashion E-commerce at Myntra. I believe that my new role will be both exciting and challenging and also a great learning experience. As Myntra is witnessing a steady growth, I should be able to leverage my experience and knowledge to support and further develop the system.”

Dipanjan is a Chartered Accountant from the Institute of Chartered Accountants of India and was ranked 7th in India in the CA final exams. He is also a rank holder in the intermediate and foundation examination of ICAI. Dipanjan is slated to join the team at Myntra on the 17th of October.

Myntra Brings LOVE MOSCHINO to Give Fashionistas a Makeover!

Myntra has announced its latest brand in association with LOVE MOSCHINO, making way for the high-fashion label to reach the doorsteps of consumers in India.

Myntra houses a variety of handbags, backpacks, sling-bags, clutches and wallets from LOVE MOSCHINO. Merging pop culture with high fashion, the collection comprises a range of quilted bags and iconic patchwork tote to geometric cut and studded box clutch. The hot off the press collection is priced between Rs. 7999 and Rs. 24,999. Shoppers on Myntra can choose from among shades of red, black, ivory and beige.

Founded in 1983 by Italian designer Franco Moschino, brand MOSCHINO is acclaimed internationally for their innovative and colorful designs that challenge contemporary conventions in fashion. LOVE MOSCHINO is the brand’s younger counterpart.

Myntra’s CMO & Head, International Brands Business, GunjanSoni, said, “We are excited to further boost our fashion and style profile by partnering with Love Moschino. Our association with contemporary brands is a testament to our focus of providing consumers with an exceptional brand experience.”

LOVE MOSCHINO is available online on Myntra. With the addition of LOVE MOSCHINO, Myntra now has a very strong portfolio of international brands. The fashion major houses over 30+ top global brands making it the go-to destination for all fashion needs of individuals.

Myntra has partnered with over 2000 leading fashion and lifestyle brands in the country such as Nike, adidas, Puma, Levis, Wrangler, Arrow, Jealous 21, Diesel, CAT, Harley Davidson, Ferrari, Timberland, US Polo, FabIndia, Biba and many more to offer a wide range in latest branded fashion and lifestyle wear. It services over 19,000 pin codes across the country. With the largest in-season product catalogue, 100% authentic products, Cash on Delivery and 30-day Exchange/Return policy, Myntra is today the preferred shopping destination in India.

Flipkart Owned Myntra Acquires Majority Stake in Hrithik Roshan’s Brand HRX

Flipkart owned Myntra today announced acquisition of a majority stake in HRX, the active lifestyle brand co-owned by Bollywood actor, Hrithik Roshan and Exceed Entertainment.This move is in the bid to further strengthen Myntra’s successful private brands business.

HRX, one of the first homegrown Indian active lifestyle brand, was incepted in 2012 and was exclusively licensed to Myntra in 2013. Since then, HRX has been one of the top selling brands on Myntra. This strategic investment is a first of its kind in the industry, wherein a celebrity incubated brand has aligned with the country’s leading e-fashion retailer in an equity model.

The move will enable the popular HRX brand to leverage certain benefits exclusive to Myntra’s in-house brands, leveraging technology to provide better consumer experience, access to data on consumer preferences etc. It also lays down the structure to build the brand through collaborative efforts, of both Myntra and Hrithik to offer products and experiences for the brand’s enthusiasts. HRX is on track to double its revenues to Rs.200 crore in the current financial year and is gearing up to go offline in the next financial year.

Speaking on the occasion, leading Bollywood Actor and the Inspiration behind HRX, Hrithik Roshan said, “The mission of our brand is to impact, transform and empower a billion people in their journey to be the best version of themselves. The new partnership with Myntra is a stride closer towards fulfilling this mission. I’ve always been passionate about physical and mental fitness and the changes it brings to everyone’s life, and this collaboration is a big positive step we have taken towards the change”

Rajesh Narkar, Brand Director and VP, Myntra Fashion Brands said,“Myntra has a sound understanding of consumer preferences and trends specific to various categories, including sportswear.This is made possible by a strong technology platform that gives us a clear perspective on the consumption of fashion in the country. Our brands greatly benefit from such insights and brands looking at partnering with us have the advantage of achieving greater scale in a short span of time.With healthy lifestyles on the rise and customers increasingly looking for fashionable and functional active wear choices, we believe the strategic acquisition of a majority stake in HRX will help in propelling the brand to the forefront of the active lifestyle wear segment.”

Afsar Zaidi, Founder, Exceed Entertainment and Co-Founder of HRX with Sid Shah said, “HRX is a perfect example of building long term IP and creating a legacy around a celebrity’s core values and stardom. Our association with Myntra has been very fruitful and it is now time to leverage this new partnership and use it as a launch pad to propel itself to the league of the top active lifestyle brands in the country.

HRX combines fashion and fitness with inspiration drawn from the actor himself. The range includes sports and training apparel, casual apparel, footwear and accessories for both men and women. The entire collection sports vibrant colors and brings the latest active lifestyle fashion on par with global fashion trends. Women and footwear will be the new areas of focus with more fashion and function being an integral part of each line. Menswear will however continue to dominate the line up.

Myntra Launches Two International Brands on Its Platform

Continuing with its practice of introducing shoppers in India with leading International lifestyle and fashion brands, Myntra today announced the launch of TOMS and Meters/bonwe on its platform.

TOMS is known internationally for its One for One® promise through every product sold, launching 10 years ago with the iconic canvas slip-on called the Alpargata and expanding into new shoe silhouettes and product categories. Meters/bonwe group has established itself as a premium high street fashion retailer, full of vitality and vigor to meet the style requirements of today’s youth. It focuses on dressing young men and women in clothes that are fashion forward, elegant and chic.

Since 2006 TOMS has been committed to improving lives through business, where for every pair of shoes you purchase, TOMS will give a pair of new shoes to a child in need. One for One®, through this simple, but powerful idea, TOMS has given over 60 million pairs of new shoes to children in need in over 70 countries around the world. Globally, TOMS retails other One for One® products including bags, eye wear and coffee. In addition to its classic Alpargata, TOMS offers a variety of footwear styles for men and women, from everyday-wear Paseo sneakers to fun and flirty strappy wedges, in unique textiles and patterns often inspired by the countries around the globe where it gives.

Founded in 1995, Meters/bonwe has over 4000 stores across China and will be debuting in India, exclusively on Myntra. Shoppers on Myntra can look forward to a stylish collection of Meters/bonwe men’s polo t-shirts, t-shirts and shirts. For women, it brings trendy and chic jeans, dresses and t-shirts that are sewn to perfection. Apparel from Meters/bonwe is guaranteed to provide remarkable comfort without compromising on modern designs and latest trends.

Myntra’s CMO & Head, International Brands Business, Gunjan Soni, said, “Myntra customer base is dominated by mass-premium, SEC A across town categories. This makes us the preferred partner for top international brands looking at establishing their base in India. TOMS is known for its unique range of footwear that perfectly blends style and comfort with multiple colour options, prints and patterns, while Meters/bonwe represents a strong youth oriented and contemporary fashion sense with the latest in trends and designs in tees and denims, reflecting in its collection. The introduction of TOMS and Meters/bonwe will further boost our foothold in the branded footwear and apparel segment.”

TOMS EMEA Managing Director, Helen Thompson, said “We’re grateful for the opportunity to work with an innovative, new partner like Myntra to begin our commercial relationship in India, where we have already been working to produce locally as well as give shoes and restore sight through TOMS partnerships in the country.”

Spokesperson from Meters/bonwe, Jay Zhou, said “Our partnership with Myntra will allow us to cater to the dynamic fashion choices of millennials in India who want to dress well and possess an admirable individual style, without the hassles of store shopping. Myntra’s strong presence, not only in big cities, but also smaller towns, will help us make Meters/bonwe a household name in the country.”

TOMS will feature an exquisite range of over 120 varieties in footwear including classic slip-ons, sneakers, wedges, and sandals at an average price point of rupees 4,500 on Myntra. Meters/bonwe will be available on Myntra from a price point starting at Rs 1,300 and up to Rs 6,000 with varieties of collections.

With the introduction of TOMS and Meters/bonwe on Myntra, the online fashion major has further strengthened its hold on the international brands category. Myntra now houses over 30+ top global brands making it the go-to destination for all fashion needs of individuals.