Online fashion retailer Myntra’s private brands have registered an operating profit and its fashion brands are expected to deliver over $300 million this year, the company said on Thursday.
“Our private brands have performed exceptionally well. Our approach of building own brands makes us unique,” Ananth Narayanan, Chief Executive Officer of Myntra and Jabong, said in an interaction with the media here.
“Myntra’s Fashion Brands today has nine of the top 20 brands on the platform,” he said.
“This is a massive breakthrough for e-commerce in the country at a time when e-commerce is facing questions on losses and burns,” the company said.
“Our vision is to build Myntra Fashion Brands into the largest fashion house in the country in the next five years and be the supplier of private brands to the world,” said Manohar Kamath, the chief of Myntra Fashion Brands.
Fashion portals Myntra and Jabong, owned by Flipkart, India’s largest online retailer, are two of the leading online fashion retailers in the country.