Myntra Parent Infuses $103 Million Ahead of the Big Fashion Festival Sale
Ahead of Myntra’s Big Fashion Festival sale, the fashion e-commerce site has received a fresh capital infusion of $103 million from FK Myntra Holdings. The investment by the Singapore-based parent entity is likely to be used by Myntra to provide better offers and deals during the festive season in which the company is expecting to double its sale.
Regulatory documents of business intelligence platform Tofler suggest that the company has allotted 10,79,136 shares and 97,058 shares at Rs 6427 per share to FK Myntra Holdings and Quick Routes International respectively. The festive season for Myntra kicks off from 16th October and will last for 7 days.
The festive season is expected to be the biggest fashion event as customers increasingly prefer to buy online amid the lockdown. Many are also wooed by the attractive offers during the period. Amazon festive offers will last for a month while Flipkart Big Billion Days will also start on the 16th of October.
Myntra, Amazon, and Flipkart lock horns during the period for maximum profitability. The companies offer maximum discount on a wide range of brands across various categories, making the space very competitive.
Amar Nagaram, CEO of Myntra said that Myntra’s Big Fashion Festival will offer a specially curated selection of 9 lakh styles for consumers across the country. The choices will be diversified with region-specific offerings. The company is expecting a sale beyond metros by catering to Tier-II and Tier-III cities as well. The festive event is also looking to empower the artisans, MSMEs, and Kirana store by offering them a platform to sell their unique products.