Three IIT-Kanpur graduates, Vineet Saxena, Ashutosh Lawania, and Mukesh Bansal, made the decision to launch their own company in 2007. That was the beginning of everything. In three years, Myntra has dominated the B2B market for customized gifts. Myntra’s aim shifted to becoming a retail platform in 2011 as Indian customers became increasingly accustomed to online shopping. Myntra was not taken seriously till 2013. With a $500 million valuation, Jabong (which had just entered the market in 2012) was by far the market leader at the time.
The $300 million purchase of Myntra by Flipkart, the largest online marketplace in India, in 2014 was hailed as one of the biggest deals ever. Two years later, Myntra, which is owned by Flipkart, paid $70 million to acquire Jabong. For Amazon, the major rival of Flipkart, whose weakness was the clothes industry, it was a setback. Fashion is the most lucrative industry, and it demands distinctiveness. Currently, the “Flipkart Group,” which includes Jabong for teenagers and students and Flipkart Apparel for the general public, dominates 70% of the Indian online fashion market. Myntra caters to professionals looking for high-end fashion.
Advertisements and taglines
In advance of the End of Reason Sale, or EORS, which will take place between December 18 and 23, Myntra has started a marketing campaign. This will be the flagship event’s 15th iteration. The advertising campaign’s slogan is “Ab Har Koi Reason Chalega!”The slogan aims to capture the essence of the event while incentivizing shoppers to buy for any and all illogical reasons.
Among the famous faces that will appear in 15-second commercials for Myntra are Hrithik, Dulquer, Simbu, Vijay, Kiara, Disha, and Samantha. While Vijay, Dulquer, and Simbu will drive the men’s fashion category in regional edits, Hrithik will push the men’s apparel, kids’ clothing, and footwear categories in TV ads and digital ad films. Disha will be in charge of the BPC category, Kiara will be in charge of women’s western clothing and promotions for Insiders (loyalty program members), and Samantha will be in charge of women’s ethnic wear and accessories.
Myntra has debuted M-Live, a real-time video-enabled, interactive buying experience advised by experts and influencers, which is the business’s first significant foray into social commerce. Throughout EORS-15, M-Lives featuring influencers and celebrities will be broadcast on Myntra-Studio. Myntra will also ramp up their influencer engagement program across all social media platforms.
120 Bollywood and regional influencers and celebrities are slated to spread awareness during the pre-buzz and EORS days. User-generated content is an additional essential component of the complete advertising campaign. This time, the most coveted fashion event, EORS-15, will be the target of influencers urging their followers to respond to fillers.