Myntra Surges Ahead in Fashion E-commerce

By siliconindia  |  Tuesday, 26 March 2024, 02:15:55 PM IST

Myntra Surges Ahead in Fashion E-commerce
Myntra, India's leading destination for fashion, beauty, and lifestyle, has announced robust growth, outpacing the online fashion market significantly since the second half of 2023. During the recent festive season, Myntra witnessed a remarkable surge in Gross Merchandise Value (GMV), nearly double that of the market average.
Central to this remarkable growth is a 33 percent increase in Monthly Active Users (MAUs), rising from 45 million in 2021 to an impressive 60 million by the end of 2023. The company attributes this surge to unprecedented customer growth and its strategic focus on various growth pillars.
Myntra's expansion strategy includes offering trend-centric products, expanding into non-apparel segments to capture a larger share of wallet, premiumizing fashion through segments like Beauty, International, and Direct-to-Consumer (D2C) brands, geographical expansion into non-metro cities, catering to the emerging Gen-Z cohort, and addressing the evolving needs of its premium customer base.
The platform has witnessed a strong year-on-year growth in brands, with the catalogue size growing by over 50 percent in the last year. This growth is further propelled by a steady influx of new customers.
The demand across various categories reflects evolving consumer preferences, with notable year-on-year GMV growth in segments such as D2C, Premium Ethnic Wear, Beauty, and Home categories.
Myntra has bolstered its portfolio of international brands, boasting over 400 brands in fashion and beauty, including renowned names like Mango, H&M, Calvin Klein, and NYX Cosmetics. In 2023 alone, Myntra onboarded 50 international brands, and it launched a specialized app-in-app proposition for Gen-Z Fashion called FWD, featuring over 500 brands. Demand for Gen-Z Fashion witnessed significant growth, with over 150 percent year-on-year GMV growth in 2023.
The company's technological advancements, including features like MyFashionGPT, Maya, and AI Stylist, have garnered substantial traction, with 2 million monthly users engaging with these features at their peak.
Furthermore, Myntra's marketplace entity has achieved positive EBITDA since the last quarter of 2023, underscoring its commitment to sustainable growth and operational excellence. Nandita Sinha, CEO of Myntra, emphasized the company's dedication to solving the fashion and beauty needs of the country, driven by a customer-first approach, strategic investments, and financial resilience.
Industry reports suggest that India's fashion and lifestyle e-commerce market is poised to reach $35 billion by 2028. With the fashion landscape evolving rapidly, Myntra's role is crucial in shaping the industry's positive prospects, leveraging its market position, brand associations, technological innovations, and customer-centric approach.

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