Flipkart-owned Online fashion retailer Myntra, reported a sharp decline in sales growth, as the company registered 38% year-on-year growth from the 75% growth it witnessed in the previous two years.
For the financial year 2015-16, Myntra Designs Pvt. Ltd, the holding company for Myntra’s marketplace platform, reported revenue of Rs 1,069 crore, compared with Rs773 crore a year earlier. Losses widened to Rs816 crore, from Rs 741 crore a year earlier.
The fall is attributed to Myntra’s decision to go app-only in May 2015.