imported>Kuru: Reverted edits by 2405:205:C925:7876:2746:B2C4:29C6:DDEC (talk) to last version by Serols

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Reverted edits by 2405:205:C925:7876:2746:B2C4:29C6:DDEC (talk) to last version by Serols

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Flying Bee: Created page with "{{Short description|India based E-commerce company}} {{Use dmy dates|date=September 2019}} {{Use Indian English|date=September 2019}} {{Infobox website | name = Mynt..."

2021-08-07T14:24:33Z

Created page with "{{Short description|India based E-commerce company}} {{Use dmy dates|date=September 2019}} {{Use Indian English|date=September 2019}} {{Infobox website | name = Mynt..."

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{{Short description|India based E-commerce company}}
{{Use dmy dates|date=September 2019}}
{{Use Indian English|date=September 2019}}
{{Infobox website
| name = Myntra
| logo = Myntra logo.png
| logo_size = 200px
| commercial = Yes
| type = [[E-commerce]]
| registration = Required
| language = English
| launch_date = {{start date and age|2007}}
| current_status = Active
| area_served = [[India]]
| company_type = [[Private company|Private]]
| founder = [[Mukesh Bansal]]<br />Vineet Saxena<br />Ashutosh Lawania
| CEO = Amar Nagaram<ref>{{cite web|url=https://www.livemint.com/Companies/SBP6RB7kvaAbDtlES1dLRO/Myntra-chief-Ananth-Narayanan-quits-firm-may-abolish-CEO-po.html|title=Myntra chief Ananth Narayanan quits|website=livemint.com}}</ref>
| parent = [[Flipkart]]
| subsid = Fitiquette<br />Roadster
| website =
}}

'''Myntra''' is a major Indian [[fashion]] [[e-commerce]] company headquartered in [[Bengaluru]], [[Karnataka]], [[India]].<ref>{{cite web|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=38556909|title=Bloomberg|work=www.bloomberg.com|access-date=8 January 2019}}</ref> The company was founded in 2007 to sell personalized gift items.<ref>{{cite web |first=Saloni |last=Surti |url=http://www.indianmediabook.com/flipkart-myntra-consolidation-the-only-way-to-survive-the-indian-e-commerce-industry/ |title=Flipkart-Myntra: Consolidation the only way to survive the Indian e-commerce industry? |publisher=indianmediabook.com |date=2014-05-22 |access-date=4 September 2014 |archive-url=https://web.archive.org/web/20180712214618/http://www.indianmediabook.com/flipkart-myntra-consolidation-the-only-way-to-survive-the-indian-e-commerce-industry/ |archive-date=12 July 2018 |url-status=dead }}</ref><ref>{{cite news|first=Amit | last=Bapna |url=http://articles.economictimes.indiatimes.com/2011-07-11/news/29761379_1_international-brands-category-brand-campaign |title=Overall Lifestyle category will cross $1000 billion in India: Mukesh Bansal Founder-CEO, Myntra.com - Economic Times |publisher=Articles.economictimes.indiatimes.com |date=2011-07-11 |access-date=2012-06-17}}</ref><ref>{{cite web|url=http://www.thehindu.com/business/companies/article2433066.ece |title=Business / Companies : Myntra.com to expand operations |publisher=The Hindu |date=2011-09-07 |access-date=2012-06-17}}</ref><ref>{{cite web|author=Anupam Saxena |url=http://www.medianama.com/2011/03/223-myntra-gets-14m-in-second-round-funding/ |title=Updated: Myntra Gets $14M In Second Round Funding |publisher=MediaNama |date=2011-03-14 |access-date=2012-06-17}}</ref> In May 2014, Myntra.com was acquired by [[Flipkart]].<ref>{{cite news|author=ET Bureau |url=http://articles.economictimes.indiatimes.com/2014-05-23/news/50055305_1_myntra-flipkart-binny-bansal |title=Flipkart acquires Myntra, gears up to take on Amazon |publisher=economictimes.indiatimes.com |date=2014-05-23 }}</ref><ref>[http://profit.ndtv.com/news/corporates/article-flipkart-acquires-myntra-in-nearly-rs-1-800-crore-deal-report-389119 Flipkart Acquires Myntra in Indias Biggest E-Commerce Deal - NDTVProfit.com]. Profit.ndtv.com. Retrieved on 2014-05-23.</ref><ref name="bp">{{cite web|title=Flipkart acquires E-Tailer Myntra.Com in an around $300 Mn Deal|url=http://news.biharprabha.com/2014/05/flipkart-acquires-e-tailer-myntra-com-in-an-around-300-mn-deal/|work=IANS|publisher=news.biharprabha.com|access-date=22 May 2014}}</ref><ref name=toimerger>{{cite news|title=Flipkart, Myntra merge in Rs 2,000 crore deal|url=http://timesofindia.indiatimes.com/tech/tech-news/Flipkart-Myntra-merge-in-Rs-2000-crore-deal/articleshow/35493912.cms|access-date=21 May 2015|work=[[The Times of India]]|date=23 May 2014|location=Bangalore}}</ref>

==History==

Established by [[Mukesh Bansal]] along with Ashutosh Lawania and Vineet Saxena; Myntra sold on-demand personalized gift items. It mainly operated on the B2B (business-to-business) model during its initial years. Between 2007 and 2010, the site allowed customers to personalize products such as T-shirts, mugs, mouse pads, and others.<ref>{{cite news|author1=Amy Kazmin|title=Myntra spearheads India’s move away from desktop browsing|url=http://www.ft.com/cms/s/0/eeb4256e-f96b-11e4-be7b-00144feab7de.html#axzz3al5H6cDx|access-date=21 May 2015|work=Financial Times|date=15 May 2015|location=New Delhi}}</ref>

In 2011, Myntra began selling fashion and lifestyle products and moved away from personalisation. By 2012 Myntra offered products from 350 Indian and International brands. The website launched the brands Fastrack Watches and Being Human.<ref>{{cite web|author=Hari Bhushan |url=https://www.scribd.com/doc/111773096/History-of-Myntra |title=History of Myntra |publisher=scribd.com }}</ref>

In 2014 Myntra was acquired by [[Flipkart]] in a deal valued at {{INRConvert|2000|c}}. The purchase was influenced by two large common shareholders [[Tiger Global]] and Accel Partners.<ref name=toimerger/> Myntra functions and operates independently.<ref>{{cite web |url=http://www.moneycontrol.com/news/business/myntra-enters-new-spaces-post-mergerflipkart_1161826.html |title=Myntra enters new spaces post merger with Flipkart |work=moneycontrol.com}}</ref> Myntra continues to operate as a standalone brand under Flipkart ownership, focusing primarily on "fashion-conscious" consumers.<ref>{{Cite news|url=https://www.livemint.com/Companies/crgAFNgipSWuf9reSeNDLJ/Flipkart-fashion-business-catches-up-with-Myntra.html|title=Flipkart fashion business catches up with Myntra|last=Sen|first=Anirban|date=2018-01-09|work=Livemint|access-date=2018-05-13}}</ref>

In 2014, Myntra's portfolio included about 1,50,000 products of over 1000 brands, with a distribution area of around 9000 pincodes in India.<ref>{{cite web|url=http://www.telegraphindia.com/external/display.jsp?mode=details&id=42088|title=Myntra Brand Portfolio}}</ref> In 2015, Ananth Narayanan became the Chief Executive Officer of Myntra.<ref>[http://economictimes.indiatimes.com/news/company/corporate-trends/myntra-appoints-ananth-narayanan-as-chief-executive/articleshow/48166917.cms Myntra appoints Ananth Narayanan as chief executive] - ''The Economic Times''</ref>

On 10 May 2015, Myntra announced that it would shut down its website, and serve customers exclusively through its [[mobile app]] beginning 15 May. The service had already discontinued its mobile website in favour of the app.<ref>{{Cite news|url=https://gadgets.ndtv.com/internet/news/myntra-to-shut-down-website-go-app-only-on-may-15-690713|title=Myntra to Shut Down Website, Go App-Only on May 15|work=NDTV Gadgets360.com|access-date=2018-05-13|language=en}}</ref> Myntra justified its decision by stating that 95% of traffic on its website came via mobile devices, and that 70% of its purchases were performed on smartphones. The move received mixed reception, and resulted in a 10% decline in sales.<ref>{{cite web|author1=Karrishma Modhy|title=Will Myntra’s move away from desktop cause its downfall? apart from this they have a strong appeal amongst smartphone users with this new approach|url=http://tech.firstpost.com/news-analysis/will-myntras-move-away-from-desktop-cause-its-downfall-267514.html|website=Tech.firstpost.com/|publisher=FirstPost|access-date=21 May 2015|date=20 May 2015}}</ref><ref>{{cite news|author1=Besta Shankar|title=Myntra Sees 10% Drop in Sales After Moving to App-only Format|url=http://www.ibtimes.co.in/myntra-sees-10-drop-sales-after-moving-app-only-format-33160|access-date=21 May 2015|work=International Business Times|date=21 May 2015}}</ref> In February 2016, acknowledging the failure of the "app-only" model, Myntra announced that it would revive its website.<ref>{{Cite web|title = Myntra no longer app only, brings back mobile site to woo customers|url = http://economictimes.indiatimes.com/industry/services/retail/myntra-no-longer-app-only-brings-back-mobile-site-to-woo-customers/articleshow/51002673.cms|website = The Economic Times|access-date = 2016-02-16}}</ref>

In September 2017, Myntra negotiated the rights to manage [[Esprit Holdings]]'s 15 offline stores in India.<ref>{{Cite news|url=http://economictimes.indiatimes.com/industry/services/retail/myntra-to-manage-esprit-in-india-curate-15-retail-stores/articleshow/60870339.cms|title=Myntra to manage Esprit in India, curate 15 retail stores|date=2017-09-28|work=The Economic Times|access-date=2017-10-12}}</ref><ref>{{Cite news|url=http://www.livemint.com/Industry/AX6tzENhGIMRHWqHsq5xYI/Myntra-wins-rights-to-manage-Esprit-stores-in-India.html|title=Myntra wins rights to manage Esprit stores in India|last=Sen|first=Anirban|date=2017-09-29|work=livemint.com|access-date=2017-10-12}}</ref>
Myntra reported a net loss of ₹151.20 crore in the financial year 2017-18.<ref>{{cite news |title=Myntra revenue shrunk by 80% to ₹427 crore in FY18 |url=https://www.livemint.com/Companies/9Je6XkP4oCN6KWDzBESDoN/Myntra-revenue-shrunk-by-80-to-427-crore-in-FY18.html |publisher=[[Livemint]] |date=8 January 2019}}</ref>

In January 2021, Myntra changed its logo, after a police complaint was registered that the logo resembles a naked woman. The complaint was filed by a woman named Naaz Patel, who runs an NGO called Avesta Foundation.<ref>https://www.timesnownews.com/the-buzz/article/myntra-logo-undergoes-a-change-after-a-police-complaint-netizens-react-with-memes/714047</ref>

==Acquisitions and investments==

In October 2007, Myntra received its initial funding from Erasmic Venture Fund (now known as [[Accel Partners]]), Sasha Mirchandani from Mumbai Angels and a few other investors. In November 2008, Myntra raised almost $5 million from NEA-IndoUS Ventures, [[IDG Ventures]] and Accel Partners.
Myntra raised $14 million in a Series B round of funding. This round of investment was led by Tiger Global, a private equity firm; the existing investors IDG Ventures and Indo-US Venture Partners also put in substantial amount towards funding Myntra. Towards the end of 2011, Myntra.com raised $20 million in its third round of funding, again led by Tiger Global.<ref>{{cite web|author=sushma.un |url=http://www.thehindubusinessline.com/marketing/fashion-retailer-myntracom-raises-20-m-in-third-round-of-funding/article2875570.ece|title=Fashion retailer Myntra.com raises $60 m in third round of funding |publisher=thehindubusinessline.com|date=2012-09-02 }}</ref><ref>{{cite web |author=Irfan Khan |url=http://www.dealcurry.com/2012029-Myntra-com-Raises-20Mn-In-Third-Round-Of-Funding.htm |title=Myntra.com Raises $20Mn In Third Round Of Funding|publisher=Private Equity|date=2012-09-02 }}</ref> In February 2014, Myntra raised additional $50 Million (Rs.310 crore) funding from Premji Invest and few other Private Investors.<ref>{{cite web |author=IANS, 06:17 PM IST |url=http://news.biharprabha.com/2014/02/e-tailer-myntra-com-raises-310-crores-from-ajim-premji-and-other-investors/ |title=E-tailer Myntra.com raises 310 Crores from Ajim Premji and other Investors |publisher=news.biharprabha.com }}</ref>

In April 2015, Myntra acquired Bengaluru-based mobile app development platform company Native5, with a view to strengthen and expand Myntra’s mobile technology team.<ref>{{cite web | url=http://www.thehindu.com/business/myntra-acquires-bengalurubased-native5/article7181108.ece | title=Myntra acquires Bengaluru-based Native5 | publisher=[[The Hindu]] | date=7 May 2015}}</ref>

In July 2016, Myntra acquired mobile-based content aggregation platform Cubeit, to strengthen and expand its technology team.<ref>{{cite web | url=http://www.vccircle.com/news/technology/2016/07/11/myntra-acqui-hires-content-aggregation-platform-cubeit | title=Myntra acqui-hires content aggregation platform Cubeit | publisher=[[VCCircle]] | date=11 July 2016 | access-date=16 July 2016}}</ref>

In July, 2016 Myntra acquired their rival [[Jabong.com]] to become India’s largest fashion platform.<ref>{{cite web | url=http://www.livemint.com/Companies/iicvIYFijqp9VRAx0ON46I/Flipkarts-Myntra-acquires-Jabong.html | title=Flipkart’s Myntra acquires Jabong | date=26 July 2016 | access-date=26 July 2016}}</ref> In October 2017, Myntra partnered with Ministry of Textiles to promote handloom industry.<ref>{{Cite web|url=http://www.moneycontrol.com/news/business/startup/myntra-partners-textiles-ministry-to-promote-handloom-industry-2414301.html|title=Myntra partners Textiles Ministry to promote handloom industry|website=Moneycontrol|language=en-US|access-date=2017-10-18}}</ref><ref>{{Cite news|url=http://bwdisrupt.businessworld.in/article/Myntra-Associates-with-Ministry-of-Textiles-to-Support-Weavers-and-Promote-the-Handloom-Industry/16-10-2017-128739/|title=Myntra Associates with Ministry of Textiles to Support Weavers and Promote the Handloom Industry|last=Bureau|first=BW Online|work=BW Disrupt|access-date=2017-10-18|language=en}}</ref>

In April 2017, the company acquired InLogg, a city-based technology platform for the e-commerce sector.<ref>{{cite web|url=https://gadgets.ndtv.com/internet/news/myntra-acquires-bengaluru-based-inlogg-a-logistics-technology-firm-1683719|title=Myntra Acquires Bengaluru-Based InLogg, a Logistics Technology Firm|website=NDTV Gadgets 360}}</ref>

In April 2018, Myntra acquired Bengaluru-based start-up Witworks, a maker of wearable devices to strengthen its technology team.<ref>{{cite web|url=https://www.livemint.com/Companies/1o6W0v8LwF7BRqNmkGB6eP/Myntra-acquires-wearables-maker-Witworks.html|title=Myntra acquires wearables maker Witworks|first=Anirban|last=Sen|date=16 April 2018|website=Mint}}</ref>

In August 2018, Myntra acquired Mumbai-Based start-up Pretr Online Services Pvt. Ltd., an end-to-end omnichannel platform for retail.<ref>{{Cite news|last=Variyar|first=Mugdha|title=Myntra acquires omnichannel retail platform Pretr|work=The Economic Times|url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/myntra-acquires-omnichannel-retail-platform-pretr/articleshow/65227285.cms|access-date=2021-06-27}}</ref>

== Digital Reality Show (Fashion Influencer) ==
{{Main|Myntra Fashion Superstar}}
Launched its first digital reality show "[[Myntra Fashion Superstar]]" which is based on the fashion influencer talent hunt on Myntra app on 17 September 2019.<ref>{{Cite web|url=https://www.afaqs.com/companies/myntra-launches-fashion-superstar-worlds-first-digital-fashion-reality-show|title=Myntra launches ‘Fashion Superstar’, world’s first digital fashion reality show|website=afaqs!|access-date=2019-10-23}}</ref><ref>{{Cite web|url=https://indiantelevision.com/mam/marketing/mam/myntra-launches-fashion-superstar-world-s-first-digital-fashion-reality-show-190910|title=Myntra launches ‘Fashion Superstar’, world’s first digital fashion reality show|date=2019-09-10|website=Indian Television Dot Com|language=en|access-date=2019-10-23}}</ref><ref>{{Cite web|url=https://www.moneycontrol.com/news/trends/entertainment/myntras-reality-show-fashion-superstar-will-broaden-the-influencer-market-4449851.html|title=Myntra's reality show Fashion Superstar will broaden the influencer market|website=Moneycontrol|access-date=2019-10-23}}</ref> In association with [[Zoom (Indian TV channel)|Zoom Studios]],<ref name="The Economic Times">{{Cite news|url=https://economictimes.indiatimes.com/industry/media/entertainment/the-zoom-studios-myntra-join-hands-to-launch-digital-fashion-reality-show/articleshow/69930918.cms|title=The Zoom Studios, Myntra join hands to launch digital fashion reality show|date=2019-06-24|work=The Economic Times|access-date=2019-10-23}}</ref> this show will identify & reward India’s next big fashion influencer.<ref name="The Economic Times"/> Show has eight episodes of reality series which will see 10 contenders competing with each other. They would also be mentored and judged by a star studded jury, from the world of Bollywood, TV and fashion, including Bollywood diva [[Sonakshi Sinha]] and leading celebrity stylist, Shaleena Nathani.<ref>{{Cite web|url=https://www.timesnownews.com/lifestyle/article/myntra-fashion-superstar-top-looks-from-the-3-judges-that-we-are-crushing-on/506750|title=Myntra Fashion Superstar: Top looks from the 3 judges that we are crushing on|website=www.timesnownews.com|language=en|access-date=2019-10-23}}</ref><ref>{{Cite web|url=https://www.republicworld.com/entertainment-news/bollywood-news/sonakshi-sinha-the-actor-is-a-judge-on-myntra-fashion-superstar|title=Sonakshi Sinha: The actor is a judge on the show Fashion Superstar|website=Republic World|access-date=2019-10-23}}</ref><ref>{{Cite web|url=https://www.indiantelevision.com/mam/marketing/brands/myntra-aims-to-boost-engagement-on-app-with-first-ever-digital-fashion-reality-show-fashion-superstar-190911|title=Myntra aims to boost engagement on app with first-ever digital fashion reality show 'Fashion Superstar'|date=2019-09-11|website=Indian Television Dot Com|language=en|access-date=2019-10-23}}</ref><ref>{{Cite web|url=https://www.livemint.com/companies/people/influencers-drive-fashion-buying-says-myntra-jabong-s-nagaram-1568313108194.html|title=Influencers drive fashion buying, says Myntra-Jabong’s Nagaram|last=Tiwari|first=Saumya|date=2019-09-13|website=Livemint.com|language=en|access-date=2019-10-23}}</ref><ref>{{Cite web|url=https://www.india.com/lifestyle/sonakshi-sinha-to-judge-digital-fashion-reality-show-myntra-fashion-superstar-3704139/|title=Sonakshi Sinha to Judge Digital Fashion Reality Show 'Myntra Fashion Superstar'|last=IANS|date=2019-06-30|website=India.com|language=en|access-date=2019-10-23}}</ref>

== Regulatory action and lawsuits ==
The Enforcement Directorate are investigating Myntra for breach of Foreign Exchange Management Act.<ref>{{Cite web
| url = http://telecom.economictimes.indiatimes.com/news/internet/after-flikpart-online-retailer-myntra-under-ed-lens-for-fema-breach/34667603
| title = After Flikpart, online retailer Myntra under ED lens for FEMA breach {{!}} ET Telecom
| last = www.ETTelecom.com
| website = ETTelecom.com
| access-date = 2016-03-02
}}</ref>

In January 2016, Enforcement Directorate issued notice to Myntra's owner Flipkart. It has a tie up with Nike with the dealer Funfash to sell all authentic Nike accessories<ref>{{Cite web
| url = http://www.moneycontrol.com/news/cnbc-tv18-comments/enforcement-directorates-probee-comm-cos-gathers-steam_4929501.html
| title = Enforcement Directorates probe on e-comm cos gathers steam
| website = www.moneycontrol.com
| access-date = 2016-03-02
}}</ref>

== Labour issues ==
In June 2016, Myntra's logistics staff went on a strike alleging lack of basic employee benefits and poor wages.<ref>{{Cite web
| url = http://timesofindia.indiatimes.com/tech/tech-news/We-have-no-loos-basic-facilities-complain-Flipkart-delivery-boys/articleshow/48279539.cms
| title = We have no loos, basic facilities, complain Flipkart delivery boys - Times of India
| website = The Times of India
| access-date = 2016-03-02
}}</ref><ref>{{Cite web|date=2015-07-31|title=Over 400 Delivery Staff of Flipkart & Myntra Go On Strike. Their Ask? Toilets|url=https://nextbigwhat.com/flipkart-delivery-staff-strike/|access-date=2020-10-20|website=NextBigWhat|language=en-US}}</ref>

== See also ==
* [[E-commerce in India]]
* [[Online shopping]]
*[[Flipkart]]

==References==
{{reflist}}

{{Flipkart}}


[[Category:Indian companies established in 2007]]
[[Category:Companies based in Bangalore]]
[[Category:Online clothing retailers of India]]
[[Category:Flipkart acquisitions]]
[[Category:2007 establishments in Karnataka]]

Myntra - Revision history

imported>Kuru: Reverted edits by 2405:205:C925:7876:2746:B2C4:29C6:DDEC (talk) to last version by Serols

Flying Bee: Created page with "{{Short description|India based E-commerce company}} {{Use dmy dates|date=September 2019}} {{Use Indian English|date=September 2019}} {{Infobox website | name = Mynt..."