Myntra Outpaces Indian Online Fashion Market Growth by 2x

Myntra Outpaces Indian Online Fashion Market Growth by 2x

One of India’s largest online fashion, beauty, and lifestyle platforms, Myntra, reported that it has grown at twice the speed of the Indian online fashion retail market between July and December 2023.

According to a Myntra press release, integral to this growth has been a 33 percent leap in monthly active users (MAU), which increased from 45 million in 2021 to 60 million by the end of 2023.

The online platform’s key pillars of expansion include trend-centric offerings, an expanding share of wallet in non-apparel segments, and its expansion into premium fashion segments.

Myntra attributed its growth to geographical expansion into non-metro cities and differentiated offerings for the emerging Gen-Z demographic.

The online fashion website also noted that brands on Myntra reported strong year-on-year growth, with the catalogue size on the platform increasing by over 50 percent in 2023.

“This performance was further fueled by a steady influx of new customers and demand across various categories,” Myntra added.

Myntra also posted 80 percent year-on-year GMV growth in the D2C segment, while its premium ethnic wear segment experienced over 100 percent growth.

Myntra has been constantly expanding its repertoire of international brands and today boasts over 400 international brands in its portfolio. These include fashion brands like Mango, H&M, Trendyol, Kiabi, Ralph Lauren, Calvin Klein, DKNY, Tommy Hilfiger, Diesel, Birkenstock, and Forever New.

Myntra also onboarded 50 global brands in 2023 and launched a differentiated app-in-app proposition for Gen-Z Fashion, which offers a portfolio of over 500 brands.

“Demand for Gen-Z fashion on FWD witnessed over 150 percent year-over-year GMV growth in 2023,” Myntra stated.