The COO of Myntra.com, Mr. Ganesh Subramanian came to IIM Kashipur on Friday, 24th January. In a hearty interaction with the students, he recounted how Myntra, which started from a garage, climbed up the e-commerce ladder to become India’s largest online fashion store.
Myntra is fast growing into an e-commerce giant with over 1500 employees and over $75 million in funding from top investors like Tiger Global and Accel Partners. Recording a footfall of over 600 thousand each day, they have received prestigious awards like IAMAI’s Best Ecommerce Website of the year award for 2012 and Red Herring Global 100 award. Mr. Ganesh highlighted some important points along Myntra’s journey, right from its inception as a personalised t-shirt selling organisation in 2007 to capturing a 30% market share in online fashion e-commerce in 2013. He talked at length about the growing importance of continuously improving the supply chain of a company since it will be the differentiating factor that can tip the balance in favour of an organisation. He emphasised that always having an entrepreneurial and organic outlook towards business is the key since that is what creates a sense of goodwill and satisfaction among both employees and customers. In view of this, Myntra has collaborated with designers like Rohit Bal and Manish Arora to give shoppers the best and newest in fashion. Recently actor Hrithik Roshan launched his active lifestyle apparel and casual wear brand HRX exclusively on Myntra.
The students were keen to know Myntra’s future propositions and their strategy to delve into the huge semi-urban and rural market among other things, which Mr. Ganesh answered expertly. A thought from him that stayed with the students was,” If 8 out of 10 people reject your idea outright, I guarantee that it is a phenomenal one.”