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Wednesday, 6 November 2019

Myntra reports heavy losses amounting to Rs. 539.2 crore

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Fashion e-tailer Myntra has registered deep losses that far surpass net losses from the previous fiscal. Net losses in FY19 amount to Rs. 539.20 crore as compared to Rs. 151.22 crore the previous year – a manifold jump.

Although the Flipkart-owned company had seen its revenue from operations more than double to 1,041.10 crore in FY’19 from Rs. 398.33 crore in FY18, the employee expenses also went up considerably from Rs. 279.39 crore to Rs. 425.20 crore in FY’19.

Myntra Designs’s total expenses for the fiscal increased by 76 per cent over the previous year. The company reported total expenses of Rs. 1,628 crore, compared to Rs. 926 crore last fiscal.

The faltering response to e-commerce companies may be attributed to the slowdown in consumer demand along with the offering of deep discounts which doesn’t always fall to be prudent for e-tailers.

Myntra partners with over 3,000 fashion and lifestyle brands ranging from mass to premium brands and is India’s biggest fashion portal.

 

    
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