Myntra, India’s leading destination for fashion, beauty, and lifestyle, announced that it has experienced robust growth, outpacing the online fashion market significantly since the second half of 2023. During the recent festive season, its GMV growth nearly doubled that of the market.
The company stated that a key factor driving its market-leading growth is a 33 percent increase in Monthly Active Users (MAUs), climbing from 45 million in 2021 to an impressive 60 million by the end of 2023, alongside unparalleled customer growth.
Myntra’s primary drivers for growth include trend-focused offerings, increasing the share of wallet in non-apparel segments, a push towards premiumization in fashion through categories like Beauty, International, and D2C brands, geographical expansion into non-metro areas, specialized offerings for the emerging Gen-Z demographic, and broadening its product range to meet the evolving needs of its upscale, fashion-forward customer base.
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Brands on Myntra have seen robust year-on-year (YoY) growth, with the platform’s catalogue size expanding by over 50 percent in the past year. This impressive performance is further boosted by a consistent influx of new customers.
The demand across different categories provides a clear insight into consumer preferences over the past year, with notable year-on-year (YoY) GMV growth in the D2C segment surpassing 80 percent, ‘Runway Icons – Myntra’s Premium Ethnic Wear’ seeing growth of over 100 percent, and the Beauty segment expanding at a rate notably higher than the online beauty market in India.
In February 2024, the Home category experienced a significant 50 percent year-on-year (YoY) growth in GMV, reflecting the broadening interests of Myntra’s diverse customer base, as reported by the company.
Furthermore, Myntra has been consistently expanding its collection of international brands and now showcases over 400 global brands in its Fashion and Beauty portfolio. This includes names like Mango, H&M, Trendyol, Kiabi, Ralph Lauren, Calvin Klein, NYX Cosmetics, DKNY, Tommy Hilfiger, Huda Beauty, Diesel, Birkenstock, and Forever New.
In 2023, Myntra added 50 international brands to its platform and introduced a unique app-in-app feature for Gen-Z Fashion, FWD, featuring over 500 brands. The demand for Gen-Z Fashion on FWD saw a remarkable year-on-year (YoY) GMV growth of over 150 percent in CY23.
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Myntra’s technological advancements are in line with its commitment to driving the fashion industry forward and have garnered significant engagement from its customers. At its peak, features like MyFashionGPT, Maya, and AI Stylist attracted up to 2 million monthly users.
“Myntra’s robust market position, bolstered by its expanding customer base, partnerships with both domestic and international brands, cutting-edge tech-driven innovations, and a solid presence among upscale, fashion-forward customers, has enabled its marketplace to achieve EBITDA positivity since the final quarter of CY 2023,” the company stated.
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This milestone achievement underscores the platform’s unwavering dedication to sustainable growth and operational excellence, driven by a focus on customer-centricity and pioneering innovation that shapes the industry.
Commenting on the development, Nandita Sinha, CEO of Myntra, stated, “We are delighted to lead the way in fashion, beauty, and lifestyle in India, achieving market-leading growth. Accomplishing this while maintaining profitability not only underscores our dedication to addressing the country’s beauty and fashion demands but also demonstrates the success of our customer-centric approach, our ability to invest in strategic growth initiatives, and our financial resilience, which has consistently supported us.”
Industry reports indicate that India’s fashion and lifestyle e-commerce market is projected to reach a $35 billion opportunity by 2028. This, combined with the country’s advancing trajectory in fashion that is rapidly evolving and expanding, lays a solid foundation for the industry’s promising prospects, with Myntra playing a pivotal role.
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