Fashion platform Myntra’s FY23 revenue grows 25% to Rs 4,375 crore, loss widens
economictimes.indiatimes.comMyntra said its operating revenue grew 25% to Rs 4,375 crore in FY23, even as losses widened 31% to Rs 782 crore.
The firm had reported Rs 3,501 crore in operating revenue a year ago, while incurring a total loss of Rs 597 crore, according to filings sourced by business intelligence platform Tofler.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Professional Certificate in Product ManagementVisitIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitIIM KozhikodeIIMK Senior Management ProgrammeVisitTotal expenses in FY23 rose to Rs 5,290 crore, up from Rs 4,206 crore in the previous year.
Myntra, which sells apparel, accessories and footwear among other products, spent Rs 1,758 crore in advertising and promotional expenses in FY23, up 35% from a year ago, the biggest single contributor to its total expenses. Its employee expenses also rose to Rs 631 crore, against Rs 522 crore in the previous year.
The platform competes with the likes of Ajio, Tata Cliq and Meesho’s Mall vertical in the fashion category. It also competes with a plethora of D2C firms that try to get customers on their own platforms.
In comparison, Meesho’s loss for FY23 narrowed by 48% to Rs 1,675 crore, while operating revenue grew 77% to Rs 5,735 crore. Myntra’s parent firm, Flipkart, reported a 42% growth in operating revenue for FY23 to Rs 14,845 crore for its main marketplace arm, while total loss narrowed by 9% to Rs 4,026 crore.
Myntra has been experimenting with new features and verticals like FWD and Myntra Minis to increase the app’s usage and attract new customers like those from the GenZ age group. In July, ET reported that the firm was undertaking an
