Myntra, India’s premier fashion, beauty and lifestyle destination, on Tuesday said it has been on a strong growth trajectory, growing notably faster than the online fashion market since H2 (second half) of CY 2023, with GMV growth nearing two times of the market during the recent festive season.
Integral to this market-leading growth has been a 33 per cent surge in Monthly Active Users (MAUs), rising from 45 million in 2021 to an impressive 60 million by the end of 2023, alongside unprecedented customer growth, the company said in a statement.
Myntra’s key pillars of expansion continue to be trend-centric offerings, expanding share of wallet in non-apparel segments, a drive in premiumisation in fashion with segments like Beauty, International and D2C brands, geographical expansion into non-metro cities, differentiated offerings for the emerging Gen-Z cohort and expanding offerings for the evolving need states of its premium fashion-forward customer base.
Brands on Myntra have recorded a strong year-on-year (YoY) growth, with the catalogue size on the platform also having grown by over 50 per cent in the last year. This strong performance is further fuelled by a steady influx of new customers.
The demand across various categories paints a vivid picture of consumer preferences in the year gone by, with significant YoY GMV growth in the D2C segment at over 80 per cent, ‘Runway Icons – Myntra’s Premium Ethnic Wear’ proposition at over 100 per cent, and Beauty segment growing significantly faster in comparison to the online beauty market in India.
The Home category saw a notable GMV growth of 50 per cent YoY, in February 2024, mirroring the expanding interests of Myntra’s diverse customer base, according to the company.
In addition, Myntra has also been constantly scaling its repertoire of international brands and today boasts of over 400 international brands in its portfolio across Fashion and Beauty, including Mango, H&M, Trendyol, Kiabi, Ralph Lauren, Calvin Klein, NYX Cosmetics, DKNY, Tommy Hilfiger, Huda Beauty, Diesel, Birkenstock, and Forever New.
Myntra onboarded 50 international brands on the platform in 2023 and launched a differentiated app-in-app proposition for Gen-Z Fashion, FWD, with over 500 brands. Demand for Gen-Z Fashion on FWD witnessed over 150 per cent YoY GMV growth in CY23.
Myntra’s Tech advancements align with its commitment to propel the fashion industry forward and witnessed notable traction from its customers, touching 2 million monthly users engaging with new features like MyFashionGPT, Maya and AI Stylist at its peak.
““Myntra’s strong market position, owing to its growing customer base, domestic and international brand associations, world-class tech-led innovations and a strong foothold among the premium fashion-forward customers, has enabled its marketplace entity to turn EBITDA positive since the last quarter of CY 2023,” it said.
This milestone accomplishment reflects the platform’s steadfast commitment to sustainable growth and operational excellence on the back of customer-centricity and industry-shaping innovation.
Speaking on the development, Nandita Sinha, CEO, Myntra, said, “We are pleased to be at the vanguard of fashion, beauty and lifestyle in India, while posting market-leading growth. Accomplishing this feat while working in a profitable manner, not only speaks volumes about our commitment to solving the beauty and fashion needs of the country but is also a testament to the success of our customer-first approach, ability to invest in the right growth engines and of our financial resilience, which has held us in good stead.”
According to industry reports, India’s fashion and lifestyle e-commerce market is expected to be a $35 billion opportunity by 2028. This, coupled with the country’s progressing journey in fashion, which continues to evolve and scale at pace, serves as a strong base for the positive prospects of the industry, where Myntra’s role will be pivotal.