E-commerce fashion retailer Myntra turned profitable in the fiscal year 2024 after posting a net loss of Rs 782 crore in the previous financial year. According to media reports, the Flipkart-owned platform registered a profit of Rs 31 crore in FY 24 driven by increased revenue and reduction in overall expenses.
Myntra has turned profitable 10 years after Flipkart bought the company in 2014.
Myntra’s total expenses saw a marginal decline to Rs 5,123 crore in FY 24 from Rs 5,290 crore. The online retailer spent Rs 1,996 crore on the cost of materials, down from Rs 2,166 crore, marking a decrease of 8 percent, while incurring other expenses of Rs 2,235 crore, The Economic Times mentioned.
Myntra rolls out M-Now to join qcomm bandwagon for fashion deliveries in Bengaluru
The company’s advertising expenses dropped by nearly 5 percent to Rs 1,677 crore while employee benefit expenses increased by 8 percent to Rs 800 crore.
The revenue of the Bengaluru-based firm grew by 15 percent to Rs 5,122 crore from Rs 4,465 crore. The revenue from logistics services contributed nearly half of the overall revenue and rose 22.5 percent to Rs 2,439 crore in FY 24. The revenue from marketplace services remained flat at Rs 1,774.6 crore.
Myntra appoints Shah Rukh Khan as its brand ambassador to put a spotlight on ‘Trend-first’ fashion
Separately, Myntra joined the quick commerce rush with its M-Now offering. Myntra said its M-Now service will offer customers access to 10,000 styles across fashion, beauty, and lifestyle categories from popular brands in just 30 minutes.
The M-Now has been launched in Bengaluru for now and it will soon be available in Delhi, Mumbai, Pune, and other cities in a few months.