Myntra receives $103 million funds from FK Myntra Holdings

A few days before its Big Fashion Festival sales begins on October 16, Flipkart-owned fashion retailer Myntra has received a fresh capital infusion of $103 million from its Singapore-based parent entity – FK Myntra Holdings. During the Big Fashion Festival Sales, Myntra expects sales to double compared to the same period last year. The etailer is looking at this festival season to be biggest fashion event for the country. It will feature over 9 lakh product styles from across 5,000 brands.

Categories such as ethnic wear, men’s casuals, winter wear, kidswear, home furnishings and personal care are expected to perform strongly during the festive period, besides gifting in the apparel and accessories category. Myntra expects sales momentum from Tier-II and Tier-III cities — which has improved since Unlock 1.0 — to continue into the festive period and anticipates over 50 per cent of its sales to come from outside Metro and Tier-I cities. Overall, the company anticipates a fourfold increase in sales over its business as usual.