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Myntra information: Myntra will get $103 million from Singapore-based guardian

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BENGALURU: Flipkart-owned trend retailer Myntra has obtained a contemporary capital infusion of $103 million from its Singapore-based guardian entity — FK Myntra Holdings — forward of its seven-day-long festive sale.

Regulatory paperwork sourced from enterprise intelligence platform Tofler confirmed that Myntra Jabong India issued 10,79,136 shares to FK Myntra Holdings, and 97,058 shares to QuickRoutes International, a gaggle entity, on October 3, at a worth per share of 6,427.

The funding comes simply days earlier than Myntra’s Big Fashion Festival sale that kicks off on October 16, throughout which it expects to double gross sales in comparison with the identical interval final 12 months. “This festive season is going to be the biggest fashion event, not just for Myntra, but what this country has seen,” stated Amar Nagaram, CEO of Myntra. “It’s also going to be the biggest in terms of the selection we’ve put together — 9 lakh styles, across 5,000 brands.”

Nagaram added that classes reminiscent of ethnic put on, males’s casuals, winter put on, kidswear, house furnishings and private care are anticipated to carry out strongly throughout the festive interval, in addition to gifting within the attire and equipment class. Myntra can be anticipating gross sales momentum from tier-II and tier-III cities — which has improved since Unlock 1.0 — to proceed into the festive interval, and is anticipating that over 50% of its gross sales will come from exterior Metro and tier-I cities. Overall, the corporate says it’s anticipating a 4X enhance in gross sales over its enterprise as ordinary (BAU).


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