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Economic Times
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Myntra’s launches quick commerce offering M-Now in Delhi-NCR and Mumbai
- Myntra has launched its 30-minute delivery service M-Now in Delhi-NCR and Mumbai after piloting it in Bengaluru with 10,000 SKUs.
- The service offers collections from nearly 600 brands, including popular ones like Vero Moda, Mango, Calvin Klein, and more.
- Myntra plans to expand the service to Mumbai, New Delhi, and Pune based on significant demand from fashion-focused premium customers.
- The company's CEO mentioned customers' need for quick deliveries to access preferred brands swiftly.
- In FY24, Myntra reported a net profit of Rs 30.9 crore with revenue reaching Rs 5,173.7 crore.
- The fashion etailer secured fresh funding of Rs 1,062.5 crore to support its expansion into Singapore and other services.
- Several ecommerce platforms and brands are delving into ultra-fast delivery for fashion products, attracting venture capital investments.
- Slikk, offering 60-minute delivery, raised $10 million, while Snitch secured $40 million for retail expansion and entry into quick commerce.
- Challenges remain in customer behavior, as shoppers tend to stick to basic wardrobe items despite initial enthusiasm for fast deliveries.
- Forecasting fashion demand and managing returns are noted as pain points, with the rapid fashion model still evolving.
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