Business Desk
May 25, 2024
India’s rapidly growing fashion e-commerce platform, Myntra, was founded in Mukesh Bansal Ashutosh Lawania, and Vineet Saxena. The founders initially focussed on business-to-business model and produced customised products such as T-shirts, mugs, and mouse pads until 2011.
However, in 2011, the nascent company decided to shift its business more towards lifestyle products and fashion articles. Myntra joined hands with 350 Indian and other global brands thus achieving a status of India’s largest fashion e-commerce.
Flipkart, a household name, acquired Myntra in 2014 for whopping INR 2,000 crores. However, Myntra operated as independent entity under Flipkart banner and caters to Customers with a Knack for fashion.
The startup did many experiments with an app-only model in 2015, however, it resumed its website looking at customers’ interest.
Myntra faced many controversies. One prominent controversy emerged when a customer launched a complaint with police claiming that their logo was vulgar. The company had to change the logo in 2021. The business also underwent leadership changes, with Amar Nagaram stepping down as CEO, and Nandita Sinha taking over as the new CEO.
Despite all the ups and downs, the fashion e-commerce platform engages in several mergers and acquisitions to strengthen its presence in the segment. It acquired Jabong, Native5, Cubeit, Witworks, and Pretr Online Services Pvt. Ltd. among others.
