April 20, 2024
Apparel, Fashion, Retail

Myntra Grows At Twice The Pace Of Indian Online Fashion Market

Myntra one of India’s biggest online fashion, beauty and lifestyle platform, claimed it has grown at nearly twice the pace of the fashion ecommerce market in India in the second half of 2023.

“Integral to this market-leading growth has been a 33 percent surge in Monthly Active Users (MAU), rising from 45 million in 2021 to an impressive 60 million by the end of 2023,” Myntra said.

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.

The online retailer also attributed growth to geographical expansion into non-metro cities, differentiated offerings for the emerging Gen-Z and expanding offerings for the evolving need of its customers

Brands on Myntra have recorded a strong year-on-year growth, with the catalogue size on the platform also having grown by over 50 percent in the last year.

This strong performance is further fuelled by a steady influx of new customers and the demand across various categories paints a vivid picture of consumer preferences in the year gone by.

Myntra posted significant year on year GMV growth in the D2C segment at over 80 percent, while its Premium Ethnic Wear proposition grew at over 100 percent.

The online fashion platform further added that it has also been constantly scaling its repertoire of international brands and today boasts of over 400 international brands in its portfolio.

These include across fashion and beauty like 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 percent year over year GMV growth in 2023.

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.

Myntra is a part of Flipkart and offers a wide range of over 6,000 leading fashion and lifestyle brands and services over 19,000 pin codes across the country.

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