Just ahead of festive sale, Myntra parent infuses $103 million into ecommerce firm

CIOReviewIndia Team | Thursday, 08 October 2020, 16:56 IST

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Just ahead of festive sale, Myntra parent infuses $103 million into ecommerce firm ahead of festive sale

From its Singapore-based parent entity FK Myntra Holdings, Flipkart-owned fashion retailer Myntra has received a fresh capital infusion of $103 million ahead of its seven-day-long festive sale. 

Also, issuing 10,79,136 shares to FK Myntra Holdings, and 97,058 shares to QuickRoutes International on October 3, regulatory documents sourced from business intelligence platform Tofler showed that Myntra Jabong India  at a price per share of Rs 6,427.

Furthermore, it expects to double sales compared to the same period last year as the investment comes just days before Myntra’s Big Fashion Festival sale that kicks off on October 16. 

“This festive season is going to be the biggest fashion event, not just for Myntra, but what this country has seen,” said Amar Nagaram, CEO of Myntra. “It’s also going to be the biggest in terms of the selection we’ve put together - 9 lakh styles, across 5,000 brands.”

“What we’ve done in the last four months is help our brands get through the low time in the offline space with our omnichannel play. So, brands are no longer dealing with unsold inventory, it’s going to be new season merchandising at a very sharp pricing,” said Nagaram.

“Brands are partnering with us in a much more direct way with us, and there are a lot of data insights that we share to help them come up with the kind of selection,” he added.

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