Myntra’s revenue and losses both increased in double digits in FY23

Flipkart’s fashion arm Myntra reported a 25% year-on-year increase in revenue in the 2023 financial year to total Rs 4,375 crore along with a 31% year-on-year increase in losses. The e-commerce business’ total expenses increased by over Rs 1,080 crore during the fiscal year. 

During the 2023 financial year, Myntra’s losses increased to total Rs 782 crore compared to Rs 597 crore in the 2022 financial year, ET Tech reported. The 2022 fiscal had seen the business report Rs 3,501 crore in operating revenue, according to filings sourced by Tofler, a business intelligence platform. 
 
Myntra significantly increased its spending on promotions and advertising in the 2023 financial year. The business’ total advertising costs were at Rs 1,758 crore in the 2023 financial year which was a 31% increase compared to the 2022 financial year. 

The business’ advertising and promotions category was the largest contributor to its increased expenses. Myntra’s employee expenses were also up last fiscal to total Rs 631 crore compared to Rs 522 crore in the 2022 financial year. 
 
Myntra has been pivoting its private label strategy to evolve alongside consumer trends, the Economic Times reported. The business plans to focus on more select private labels for growth moving forward.