03 May 2023, Mumbai 

Myntra, one of India's leading fashion e-commerce platforms, has recently launched a new feature called 'Fwd' aimed at providing an immersive fashion experience for its Gen-Z customers. The company hopes to attract 10 million new Gen-Z customers to its platform within the next two years.

The Fwd feature includes a range of differentiated app-in-app experiences, including direct access to Gen-Z offerings, simplified trend-spotting-to-shopping, photo search, daily drops, and more. With Fwd, Myntra seeks to cater to Gen-Z's individualistic sense of style, diverse points of view, and core values that are steadily influencing global fashion consumption.

Myntra Fwd is not just a fashion destination; it's a holistic lifestyle experience designed especially for Gen Z. The launch marks Myntra's latest attempt to stay ahead of the competition in the fiercely competitive Indian fashion e-commerce market.

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16 May 2023, Mumbai 

Surat-based brand, XXYX, a rapidly growing men's innerwear and lifestyle brand, has successfully secured a significant funding round of Rs 110 crore, led by Amazon Smbhav Venture Fund.

The brand, which was established in 2016, is determined to sustain its upward trajectory with this recent investment. XYXX's vision centers around expanding its scale and scope, with a particular emphasis on strengthening its presence in current markets. While general trade remains a crucial sales channel for XYXX, the brand aims to deepen market penetration and reach a wider customer base.

This funding round also garnered support from existing institutional investors, including Sauce.vc, Anicut Capital, DSG Consumer Partners, and Singularity Growth Opportunities Fund.

The infusion of funds will play a pivotal role in XYXX's brand growth story. It will enable the expansion of core product categories, enhance operational efficiency, and drive profitability through scale and technology integration. With a robust network of over 18,000 retailers across 150 cities in India, XYXX has already established a solid foundation. In the previous fiscal year, the brand achieved sales of Rs 105 crore. With the infusion of funds and strategic plans in place, XYXX anticipates more than doubling its performance in the current fiscal year.

Apart from traditional retail channels, XYXX has capitalized on various digital marketplaces to sell its products. Furthermore, the brand has expanded its offline footprint by launching its first exclusive brand outlet, followed by three more stores in Indore, Bangalore, and Mumbai. With a keen eye on further expansion, XYXX plans to open six additional stores and double the scale of its exclusive brand outlets in the next fiscal year FY24.

With the recent funding round, the brand is well-positioned to expand its market share, reinforce its presence in existing markets, and capitalize on the immense potential of the Indian innerwear industry.

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27 April 2023, Mumbai 

Myntra’s Private Label Chief, Manohar Kamath, and Vice President Tribikram Mishra have left the fashion e-tailer. Kamath had been with Myntra for seven years and was instrumental in building the brand portfolio, which includes Mast and Harbour, Dressberry, and All About You.

What all you need to know

His departure follows a series of senior leadership changes at the company, including the appointment of CEO Nandita Sinha and the exit of former CEO Amar Nagaram.

Mishra has joined rollup commerce company Mensa Brands, run by former Myntra CEO Ananth Narayanan.

In addition to the recent leadership changes at Myntra, the company has also been expanding its offline presence. In 2017, under the leadership of Ananth Narayanan, the company had plans to launch multiple offline stores and increase the private label brands' contribution to the overall gross merchandise value (GMV) to 35-40%.

Myntra's Roadster brand, which was launched in 2012, has become the company's biggest private label, with a GMV crossing Rs 1,500 crore in 2022.

The company has also seen other high-profile exits, including Chief Financial Officer Ramesh Bafna and Chief of Marketing Harish Narayanan. Bafna has since joined Singapore-based fashion technology company Zilingo and recently announced joining quick commerce company Zepto as CFO.

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17 June 2023, Mumbai

Fashion e-tailer Myntra's end-of-reason sale (EORS) June edition attracts new customers, driven by non-metro regions and popular categories.

Mynta's Flagship Sale

Fashion e-tailer Myntra reported a remarkable 50% increase in new consumer growth during its flagship end-of-reason sale (EORS) June edition, as stated in a press release on Thursday. The surge was primarily fueled by non-metro regions, accounting for 55% of the total demand. Prominent cities such as Bengaluru, Delhi, Mumbai, Pune, and Hyderabad led the demand in metro areas.

Attracts new customers

The sale witnessed significant demand across various categories, including beauty and personal care, apparel, footwear, luggage, and wearables. In addition to the core categories, sports footwear, accessories, wearables, and luggage emerged as favorites among shoppers.

Multiple New Initiatives

Myntra has recently introduced several initiatives like MyStylist, Vernacular Search, MyFashionGPT, Myntra Minis, M-Live, and Myntra Studio to enhance the shopping experience for its customers.

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 05 May 2023, Mumbai  

ShopClues, one of India's leading online marketplaces, has been facing a challenging time in recent months, with its revenue dropping by almost 50% in FY22.

This decline raises questions about the sustainability of its business model and its ability to compete in the fiercely competitive e-commerce market. The company's net loss also increased from INR 67 crore in FY21 to INR 82 crore in FY22.

The intense competition in the e-commerce market is one of the main reasons behind ShopClues' struggles. Larger players such as Amazon and Flipkart have dominated the market, making it difficult for ShopClues to attract new customers and retain existing ones.

Another factor contributing to ShopClues' challenges is its focus on selling low-cost products, which has limited its potential for growth. The company has also faced operational hurdles, including difficulties in managing its supply chain and logistics, and struggles with cash flow.

Despite these challenges, ShopClues has taken steps to address its operational issues and diversify its product offerings. The company has raised INR 100 crore in a recent funding round and remains committed to investing in growth initiatives.

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24 April 2023, Mumbai 

Myntra, a leading Indian e-commerce platform, has expanded its licensed brand portfolio by acquiring the distribution and management rights for popular UK-based fashion brands French Connection and FCUK.

The move is part of Myntra's strategy to cater to premium shoppers in India and boost its presence in the country's fashion market.

Under the partnership, Myntra will exclusively design and distribute French Connection and FCUK products in India. The brands will cater to men and women and offer a range of apparel including t-shirts, shirts, jeans, tops, and dresses. Myntra will support the wholesale distribution of the brands through independent third-party franchise partners and authorized distributors.

The partnership will allow French Connection and FCUK to access Myntra's growing consumer base, which includes Gen Z and Millennial audiences. Myntra has previously collaborated with other international fashion brands such as Mango, H&M, and Nautica to distribute their products in India.

French Connection and FCUK will launch an online store on Myntra and will have a significant presence across the platform's social commerce channels. The move is expected to help the brands establish a strong consumer base in India and boost their sales in the country.

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