Myntra.com Logo Essay

Myntra was established by Mukesh Bansal and Sankar Bora in February 2007. The other key members be Ashutosh Lawania, and Vineet Saxena. All of them are IIT/IIM alumni, and break worked for several start-ups. Myntra is headquartered in Bangalore and has been funded by Venture outstanding funds wish IndoUS, IDG & Accel Partners.5 The company started off in the business of personalization of products, and soon expanded to doctor up regional offices in New Delhi,Mumbai and Chennai. It began its operations in the B2B (business to business) part with the personalization of gifts, which holdd T-shirts, mugs and caps to name a few. However, in 2010, the company shifted its strategy to beseeming a B2C (business to customer) oriented firm, expanding its catalogue to counterfeit and lifestyle products.From 2007 to declination 2010, Myntra.com was in the business of online demand personalization. 6 The products ranged from T-shirts, mugs, greeting cards, calendars, key chains, diaries, wine glasses, coasters and many such products with photographs, one-liners and slogans. In three course of studys, Myntra became one of the Indias largest on-demand personalization platform for products and gifts with everywhere a 50% market share 7 Myntra 8 offered personalized jerseys of several cricket and football teams such as Team India, IPL teams, national football teams, and Premier conclave discussion football teams. New business focus and productsMyntra has tied up with c everywhere song fashion and lifestyle brands in India, suchas Nike, Inc., Reebok, Puma, Adidas, Asics, Lee, Lotto, Decathlon, FILA, John Miller, anil Nation etc. to offer a wide range of up-to-date season merchandise from these brands 9 Myntra currently offers products from to a greater extent than 350 Indian and international brands. 10 These include shoes for flowning, tennis, football, basketball and fitness, along with periodic footwear from world-renowned industry leading like Nike, Puma, Converse, Adidas, Decathlon, Reebok, Lee Cooper, Numero Uno, Skechers, Crocks, Asics, Fila, Lotto, ID and many more.There are also casual and dressy footwear for women from Catwalk, Carlton London and Red Tape to name a few. Myntra also stocks T-shirts for men and women from popular brands like Jealous 21, Forever New, unstained Polo, Inkfruit, Lee, Nike, Inc., Probase, Puma, Adidas, Reebok, Ed Hardy, Decathlon, Lotto, Ediots, Mr. Men, Tantra and Guerilla. The website has also launched Being Human and Fastrack watches. 11 12 13In July 31, 2012 Bollywood actorKalki Koechlin launches Myntras Star N Style feature.14 -Business mystifyMyntra.com is an aggregator of many brands. Its business model is based on procuring current season merchandise from various brands and reservation them available on the portal at the same time as in respective retail brand outlets. All these products are offered to customers on MRP. 15 In October 2007, Myntra received a seed funding from Accel Partners (formerly Erasmic Venture Fund), Sasha Mirchandani from Mumbai Angels and another(prenominal) angel investor. In November 2008, Myntra raised with its A funding of $5 million from NEA-IndoUS Ventures, IDG Ventures and Accel Partners. 16 In the second round out of funding led by Tiger Global and participated by existing investors IDG Ventures and Indo-US Venture Partners, Myntra raised $14 million.Towards the end of 2011, Myntra.com raised $20 million in its third round of funding led by Tiger Global.17 Myntra launched a brand consort with its first TVC in July 2011. The commercial juxtaposes bare-assed-age fashion with old-world grit and positions Myntra as a fashionable new age brand. 18 19 20 21 Myntras second rill, with the tagline slope It Up, was launched in October 2011 with a TVC. The new ad scored high on fashion quotient and the core message was to communicate the launch of theAutumn pass 2011 collection on Myntra.com.22 In February 2012, Myntra also rolled out an OOH (out of home) campaign across Tier 2 cities, to to build brand awareness and foster online discloseping. 23 In June 2012, Myntra launched its third campaign. Created by Taproot, the communication emphasises the benefits of buying online, and is titled unfeigned life mein aisa hota hai kya.in which they offer free shipping,cash on delivery,30 day return & 24 hours dispatch 24 Myntra continued the Real life mein aisa hota hai kya theme in its side by side(p) campaign in October 2012 and extended it to showcase its wide catalog and hassle-free Returns Policy.25 taxIn the last round (Nov 2010), Myntra raised $14mn and in 2008, raised $5mn from NEA-IUV, IDG Ventures and Accel. Myntra started as a custom gifting service and later morphed into an online investment firm fashion store selling lifestyle products. The latest round of $20mn funding (Series C) will be used to build its logisticals service (they cook already started their own logistic service) and expansion into new categ ories. Myntra.com targets Rs 500 crores revenue for the next fiscal Myntra.com, the largest online retail merchant of fashion and lifestyle products in India, is aiming revenues of Rs 500 crores in the financial year 2012- 2013. The company which entered the lifestyle and fashion retailing segment in December 2010 has registered a 10 fold growth in 2011 and is relatively, the fastest increase company in the e-commerce space in India.Mr. Mukesh Bansal (Founder & CEO) said, Myntra has undergone phenomenal growth in the last 12 months and has emerged as the clear leader in way/Lifestyle space. We have been consistently doubling every 4 months and have now reached a scale where we ship up to 10,000 products every day. We are planning to cross revenue of Rs 500 crores in FY 12-13 which will and streng because Myntras leadership position in the lifestyle category.This is an enkindle category with the total market size projected to be over $100 billion in 5 years with mid genius digi t portion beingness online, making this, possibly the largest online category in India. He further added, We have built the largest catalog in fashion & lifestyle category with over 200 brands, have very vast supply-chain capabilities including world-class warehouse in multiple cities and our own logistics network in large cities. We will continue to investaggressively in our engineering science platform, supply-chain and the Myntra brand to rapidly scale the business.historyMyntra.com is ranked among the leading e-commerce companies in India and is the largest online retailer of lifestyle and fashion products. The company was started by a group of IIT/IIM graduates in 2007 and is headquartered in Bangalore. Funded by tip tier Venture Capital Funds, Myntra is among the best funded e-commerce companies in the country today. Myntra, which started as an online end for personalized products prickle in 2007, has expanded into broader lifestyle and fashion retailing.Today, Myntra is the largest online lifestyle retailer with over 200 national and international brands under its banner. Myntra has brought in a new level of professionalism and technology enablement to the e-commerce space in India. For consumers, this translates to superior experience, broader product woof and unmatched efficiency, thus adding to a better purchasing decision. The companys unique offerings include the largest in-season product catalogue, 100% authentic products, cash on delivery, and 30 day return policy, making Myntra the preferred online markping destination in the country.Products* There are also casual and dressy footwear for women from Catwalk, Carlton London and Red Tape to name a few. To offer a wide range of current season merchandise from these brands. Myntra currently offers products from more than 200 Indian and international brands. These include shoes for running, tennis, football, basketball and fitness, along with casual footwear from world-renowned industry leade rs likeMyntra has tied up with top fashion and lifestyle brands in India, such as Nike, Reebok, Puma, Adidas, Asics, Lee, Lotto, Decathlon, FIFA, John Miller, coloured Nation etc.* Inkfruit.com. dilsebol.com, Blue Bus Tees, Scopial.com, Myntra undoubtedly enjoyed the first removal firm advantage in the online retailing business. But Myntras success has been replicated by other companies that have now become competitors for Myntra. Some of them are Diff among tradional bssness n e bussnessTraditional businesses and e-businesses both require you to have a businesslicense. Registering your business name with the state registrar, acquiring a federal tax ID number, researching local zoning and licensing regulations, purchasing insurance pertinent to your of necessity and establishing banking relationships are critical steps in setting up shop in either venue. While telecommunications equipment, office supplies and a marketing/ publicise budget are necessary expenses in both tradition al and electronic commerce, a traditional business model has the added overhead of a periodical lease, utilities, staff salaries and benefits, exterior/interior maintenance costs and security systems. An e-business run from a home office utilizes resources that already exist and which are then prorated as deductionCustomer ConvenienceIf the weather is bad, the parking is a challenge or the hour is late when inspiration strikes to buy something, an e-business that is informal 24/7 often has more appeal to customers than a brick-and-mortar shop located across town and only open five years a week from 10 to 4. Shopping for goods electronically doesnt exactly save customers time and energy it can also save them from salaried sales taxes, provide them with more outlets to comparison-shop and eliminate the feeling of being pressured or followed around by a salesperson. Many customers, however, prefer the force to personally inspect the merchandise, ask for advice and assistance and be able to distinguish their purchases home immediately rather than having to pay shipping costs and dwell for delivery. A traditional business satisfies those needs in addition to genteelness an environment of trust through personal conversation and face-time. ns for tax purposes.