Online fashion store Myntra on Monday said it clocked over $80 million sales in July, helped by its ‘End Of Reason Sale’ during the month. Myntra, which is owned by Flipkart, also said it is on track to break even early next year, but did not specify an exact date. Myntra chief executive officer Ananth Narayanan said the fashion store attracted 600,000 new users during the ‘End Of Reason Sale’ in July, of whom 80% have shopped on Myntra again, indicating customer stickiness. Myntra said after the event, it now clocks more than 10 million monthly active users, up from less than 5 million a year ago. Last month, Myntra acquired Rocket Internet-backed Jabong for $70 million, a move which will make the combined entity of Flipkart fashion, Myntra and Jabong together command close to 60-70% of the online fashion market.

Source: Mint August 22, 2016 19:18 UTC