Myntra announces sale starting next week

Flipkart-owned fashion e-marketplace Myntra has bounced back from its demonetisation setback to announce its End of Reason Sale (EORS).

The EORS is set to be held between January 3 to January 5, 2017.

Myntra's growth is projected to pick up in the coming months after the etailer's gorwth rate fell to 60 per cent post-demonetisation.

"We are expecting 25X sales (during EORS) compared to that on a normal day. We also expect this sale to see 2X growth over the previous edition that was held in July 2016," Myntra CEO Ananth Narayanan told PTI.

"About 1,800 brands will be part of the sale offering 50-80 per cent discount. This event will also help us acquire 5-6 lakh new customers," he said.

Narayanan said that the company expects to recover their losses and recalim their growth rates which was 90-100 per cent year-on-year.

He said that the company will focus on benefits and discounts for its customers who use digital modes of payment.

The e-commerce company is eyeing a $ 1 billion mark for the March quarter in 2017.