Myntra eyes 25-fold jump in sales, 4 lakh new customers from upcoming sale
Fashion e-commerce platform Myntra today said it expects to see a 25-fold jump in daily sales during its 'End of Reason' sale to be held between June 24-26.
Myntra's sale comes at a time when brick and mortal retail stores are offering heavy discounts to customers to clear stocks, ahead of the GST roll-out from July 1.
"Our 'End of Reason Sale (EORS) gets bigger and better with each passing season. The sixth edition will be the largest yet and will see Jabong also participate," Ananth Narayanan, CEO of Myntra and Jabong, told PTI.
He added that over 1,800 brands will participate in the three-day sale, offering discounts of 50-80 per cent.
"We expect about 45 per cent growth over last year and 25X jump in revenues from what we do on an average day... We expect about 5 lakh people to be part of Myntra Shopping Groups," he said.
Myntra Shopping Groups will allow customers to form groups (consisting of friends and families) on the platform and shop together. Group members will be eligible for multiple rewards and discounts depending on the size of their shopping bags.
"EORS is also a great way to get new customers onboard. We expect to acquire 4 lakh new customers through the three day sale this time," Narayanan said adding that discounts being offered in retail stores will not impact its own sales.
Apparel manufacturers are trying to liquidate old stock ahead of the new GST tax regime. The GST Council has decided to tax man-made apparel up to Rs 1,000 at 5 per cent, while those costing above Rs 1,000, will attract 12 per cent.
At present the total tax incidence is around 8 per cent depending upon the states.