Myntra is the Hub Of Online Fashion Shopping
A well-known website for all ages The website offers current fashions and accessories. It was founded in the year 2000 by MUKESH BANSAL along with AUSHUTOSH LAWANIA and VINEET SAXENA. The trio have graduated at IIT Kanpur.
Myntra is an Indian Fashion e-commerce company, that sells women and men clothing along with accessories, shoes, and other products associated with fashion. The corporate headquarters is located situated in Bengaluru, Karnataka, India.
The company started selling personalized gifts from May to June 2014. The company was later acquired through Flipkart as part of a deal worth to be $2,000 crore. The acquisition was made by two of the largest shareholder Tiger Global and Accel Partners.
Mantra can now be a separate company that operates independently. Myntra continues to establish off-brands under Flipkart ownershipand also be a fashion retailer.
As of 2014 Myntra is home to around 150,000 items from more than 1000 brands on its shelves With an allocation of 9000 pin codes within India.
Myntra closed its site
In 2015, Ananth Narayanan become the Chief Executive Officer (CEO) of Myntra. During his time as CEO, Myntra has announced it would close its website and operate via mobile apps only.
Read more 6 Tips for How to Build a Buyer Oriented Marketplace
The majority of transactions and purchase were done via an app. They therefore shut down their website and began applications for mobile devices or mobile phones. The choice was not on target and resulted in an increase of 10% in sales.
In February of 2016, acknowledging the insufficiency that was the “app-only” approach, Myntra announced that it will resume its website, and will work on an updated website. It will also revamp its website, and will come with new look.
In 2021, after an incident with the police, Myntra changed his Logo as per the complaint form was signed by a woman Naaz Patel. She is the director of an NGO known as Avesta Foundation. She claims that the Logo depicts naked woman, which appears to be vulgar and needs to be altered.
Investments
Myntra has taken over in the marketplace. The most sought-after and popular application for clothes. In October of 2007, Myntra took its initial funds via Erasmic Venture Fund (now it is now known as Accel Partners) from Sasha Mirchandani Mumbai Angels and few other investors. They raised nearly $5 million from NEA-Indo Venture, and collaborated with other investors.
From 2011 until 2021 Myntra has been through many ups and downs. In the year 2011, Myntra moved away from personalization and began selling clothing and accessories for the lifestyle market.
In 2014, Myntra continues to establish off-brands under Flipkart control and is able to work for customers who are fashion conscious.
Labour Trouble
At the beginning, Myntra is also afflicted by labor issues. The workers went on strike to protest basic benefits for employees as well as low pay.
In the year 2015, Myntra announced that it shut down its website but will keep the Myntra brand on its mobile app. However, in the app it didn’t receive many visitors and eventually went to the side of losing money. Therefore, the company took the decision to refresh its website by introducing a fresh style.
In 2017 Myntra has negotiated and launched its online store, with it suffered a net loss of 151.20 crore. In 2021, Myntra modified its branding in response to a an anonymous police complaint by an individual that the logo shows the neck of a woman.
Reality TV
In order to boost their efforts and to keep up with the latest fashions, Myntra has organized a virtual reality fashion show “MYNTRA FASHION SUPERSTAR” this is a talent hunt that is that was based on fashion. The show was a part of Myntra’s Myntra application on the 17th of September 2019.
The show was created in the zoom studio. The Judge was also present and hail part of in the Bollywood world. Sonakshi Sinha, a Bollywood Diva! was the main guest on the show. Today, Myntra is the most visited site for everyone.
