Myntra, fashion e-commerce was founded in the year 2007 by Mukesh Bansal along with Ashutosh Lawania and Vineet Saxena. In the initial years, the company was running on a business-to-business model. From 2007 to 2011, Myntra was in the business of personalized products like mugs, T-shirts, mouse pads, etc.
Myntra started selling fashion and lifestyle by moving away from personalization in the year 2011. Starting the year 2012 Myntra started selling through 350 Indian and International Brands. Within a few years, Myntra has achieved the tag of India’s Largest fashion e-commerce platform. The growth of Myntra is expected to be 300% amid the second wave of Covid in the lingerie and loungewear Segment. Top Fashion and Lifestyle Brands such as Nike, Adidas, Reebok, Puma, Asics, Lee, Lotto, Decathlon, FIFA, John Miller, etc have been listed on the myntra website.
Acquisition of Myntra
Myntra was acquired by Flipkart in the Year 2014 for Rs. 2,000 crores. Myntra is working independently under the ownership of Flipkart by focusing primarily on fashion-conscious customers.
On 10th May 2015, Myntra announced that they would shut the website and operate through a mobile app from 15th May 2015 then In February 2016, they acknowledged the failure of the app-only model and made a decision to revive the website.
About Founders of Myntra
Mukesh Bansal, who founded Myntra, is now working as CEO of the cult. fit. He was born in Haridwar, Uttarakhand. He has done B.Tech from IIT Kanpur after working hard. Being from a middle-class family, He put extra effort to gain admission to IIT, Kanpur. After graduating, he worked as a systems analyst with Deloitte for two years. He has also worked with other companies such as NexTag, eWanted, Centrata, and newScale. All these companies are early startup companies in silicon valley.
Mukesh Bansal was born in the year 1976 and is married to Archana Bansal. He has two sons, Avni and Arnav. He has a polite and Pleasant Demeanour
Mukesh has also co-founded the company cult. fit, which is a fitness and wellbeing startup in the year 2016 along with Ankit Nagori.
Ashutosh Lawania was a co-founder of Myntra and the head of sales and marketing. He left Myntra in the year 2017. Before Myntra, Ashutosh Lawania founded Bytedge. He is an alumnus of IIT Kanpur. After graduation, he worked with several companies that were startups as a Software Engineer. He founded mfine after quitting Myntra. He is still working as a Co-founder for the companies namely Bytedge Solutions and MFine.
Vineet Saxena is the cofounder of Myntra. After myntra, he also cofounded VioletBag, which is a personal and beauty care e-commerce company. He also cofounded IndusDiva, which is an Ethno fusion apparel brand. He, now, is the co-founder of CARD91 and a first-generation entrepreneur.
Controversies : Myntra
A woman named Naaz Patel, who runs the Non-Government Organisation namely Avesta Foundation, files a police complaint against Myntra Logo that the Logo seems like a naked woman and this is making the logo vulgar and thus must be changed in the year 2021. Myntra Changed the Logo after this.
Myntra: In News
- Myntra was in the news as the Fashion Brand, Myntra, changed the logo after the police complaint on 30th January 2021.
- Myntra was in news on 23rd October 2021 when Amar Nagaram who was the CEO of Myntra decided to step down so that he can start his own venture.
- Myntra appointed Nandita Sinha as the CEO of the company. She was the Filpkart Vice President, Consumer Growth and Marketing. For this, Myntra was in news on 13th November 2021.
- Achint Setia was appointed as head of marketing to develop marketing strategies so that customer loyalty increases. He was in the social commerce business before this. Myntra was in news for this on 07th January 2022.
Mergers and Acquisitions: Myntra
- In July 2016, Myntra acquired Jabong for $70 million in an all-cash deal.
- Native5, which is a Bengaluru-based app development company was acquired by Myntra in April 2015, so the team of Myntra’s mobile technology expands and becomes stronger.
- A mobile-based content aggregation platform namely Cubeit was acquired by Myntra in July 2016.
- Witworks, a Bengaluru-based startup, which is a company that is a maker of Wearable devices, was bought by Myntra in April 2018.
- A Mumbai-based Startup, Pretr Online Services Pvt. Ltd, which is a an end-to-end omnichannel platform for retail, was in August 2018.
Competitors of Myntra
The company has many competitors and the competition is making the market more beneficial to customers as the quality of the service is improving,
Recognition Received by Myntra
- In the year 2016, Myntra was awarded the ‘India’s Most Admired & Valuable Power Brand Award’ at the 7th Annual India Leadership Conclave & Indian Affairs Business Leadership Awards.
- Myntra’s website was recognized as one of the Hottest Internet Companies of the Year by CNBC – TV18.
- In the year 2012, IAMAI – India Digital Awards awarded Myntra App and Website ‘Best E-commerce Website for 2012’.
- In the year 2013, Franchise India’s eRetail Awards awarded ‘Fashion eRetailer of the Year 2013′.
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Myntra has faced a lot of challenges as a startup and has worked smartly to come out of such situations as a better company. Once, Myntra faced the challenge of logistics to meet the customer’s demand, and the success of Myntra has a lot to do with the hybrid logistics model. Myntra and its team has believed that the greatest contributions can happen only when the larger picture is in the mind of the people. Myntra takes a lot of care for its supply chain management as it is an important aspect of the e-commerce brand. Myntra gives the best delivery experience to its customers by hiring many delivery agents.