Ananth Narayanan is going to join the online fashion store Myntra on October 1. This has been an welcome move to myntra welcoming Mr. Ananth Narayanan. Besides making the transition from the storied world of consulting to the ever evolving realm of e-commerce, the move has called for more changes from Narayanan. He will shift the base from Chennai to Bangalore, where Myntra is headquartered. In an exclusive interaction with ET's Lijee Philip, he explains his role at Myntra and what his plans are for the company.
He said â€œIf I think about the next 10 years, ecommerce and technology will make the biggest impact globally and in India. I wanted to be a part of it. Myntra is a unique combination of fashion, technology, (almost like combining the left and right side of the brain), its ability to shape and drive innovation. Finally, I am most excited about Myntra's consumer centricity its terrific to make 6 million of our consumers look good.â€ He added that the companies such as Myntra are in a fast growth phase. A key focus area for me is to strengthen systems and processes here that allows scalability, which is also something that I will bring from McKinsey to Myntra.
He said â€œThe next level of growth is going to be driven by discerning customers who value curated selection of brands (national and international) on our platform. Tier II is also a key driver of growth for us. This is where the next round of economic growth is happeningâ€.
On a question to the current Gross Merchandise Value (GMV), he replied that â€œI want the business to scale and be profitable. Currently, we are operating at $500 million annualised GMV and we plan to cross $1 billion by 2016. We have a clear path to profitability in 18 months and be the best fashion experience to the consumer. I want to double the number of users from 6 million to 12 million in a year. Because of the several features introduced, the amount of time spent on the app has gone up, and I want fashion and technology to work seamlesslyâ€.