Myntra, a leading fashion e-commerce platform, announced that its marketplace division has achieved positive EBITDA (earnings before interest, taxes, depreciation, and amortisation) since the fourth quarter (Q4) of 2023.
“Myntra’s robust presence in the market, bolstered by its growing consumer base, collaborations with domestic as well as global brands, cutting-edge tech innovations, and its solid standing among premium fashion-forward consumers, has enabled its marketplace division to report positive EBITDA since the final quarter of CY 2023,” the business said.
As the first quarter of 2024 has not concluded, it remains unclear whether the entity maintains EBITDA positivity in the current quarter as well. Additionally, Myntra provides logistics, advertising, and consultancy services.
The fashion e-commerce platform owned by Flipkart experienced a net loss increase of over 30% year-on-year (YoY) to INR 782.4 Cr in the financial year 2022-23 (FY23). However, the operating revenue rose by 25% to INR 4,375.3 Cr in FY23, up from INR 3,501.2 Cr in FY22.
Continue Exploring: Myntra secures $54 Million investment boost from parent company Flipkart
“We are proud to lead the way in fashion, beauty, and lifestyle in India, achieving market-leading growth. Achieving this while maintaining profitability speaks volumes about our dedication to addressing the country’s beauty and fashion requirements. It also underscores the success of our customer-centric approach, our capability to invest in the right growth strategies, and our financial resilience, which has consistently served us well,” stated Myntra CEO, Nandita Sinha.
Meanwhile, the firm announced that monthly active users (MAUs) had increased by 33% to 60 million by the end of 2023 from roughly 45 million in 2021. It also reported a gross merchandise volume (GMV) growth that was almost twice as high as the general growth observed in the Indian online fashion business throughout the most recent holiday season.
Continue Exploring: Myntra reports robust growth, outpacing online fashion market; monthly active users surge to 60 Million
Myntra additionally emphasized its dedication to expanding into non-metro areas, providing unique products tailored to GenZs and premium fashion enthusiasts, and increasing its share of wallet in non-apparel categories. The company highlighted its aim to promote premiumization in sectors such as fashion, beauty, and direct-to-consumer (D2C) brands.
The leading e-commerce platform also provided insights into the performance of its various segments.
Myntra’s platform witnessed substantial growth across various segments, with its catalogue size expanding by more than 50% in the past year. The Direct-to-Consumer (D2C) segment recorded an impressive year-on-year (YoY) Gross Merchandise Volume (GMV) growth of over 80%.
Moreover, Myntra’s beauty segment demonstrated rapid growth, outpacing the online beauty market in India. In February 2024, the home category experienced noteworthy GMV growth of nearly 50% YoY.
Myntra’s reach extended globally, with over 400 international brands featured across fashion and beauty segments. The demand for products from Myntra’s GenZ fashion brand, FWD, surged, registering over 150% YoY growth in GMV in CY23.
Additionally, the introduction of new features such as MyFashionGPT, Maya, and AI Stylist attracted nearly 2 million monthly users at its peak.
The announcement came days after Myntra revealed its acquisition of the franchise rights for the United Kingdom’s largest fashion brand, NEXT. As a subsidiary of Flipkart, Myntra competes with other prominent players such as AJIO, owned by Reliance, Nykaa Fashion, and Tata CLiQ.
Continue Exploring: Myntra secures franchise rights to bring UK fashion retailer NEXT to Indian market
