Since the second part of 2023, Myntra—India’s premier destination for fashion, beauty, and lifestyle—has shown strong growth, substantially exceeding the online fashion sector. Over the last holiday season, Myntra’s Gross Merchandise Value (GMV) increased dramatically—nearly twice as much as the market average.
A key component of this amazing expansion has been a 33 per cent gain in Monthly Active Users (MAUs), which increased from 45 million at the end of 2021 to an astounding 60 million by the end of 2023. The company credits its strategic focus on many growth pillars and its unparalleled client growth for this upsurge.
Offering trend-centric products, diversifying into non-apparel categories to increase wallet share, premiumizing fashion through categories like Beauty, International, and Direct-to-Consumer (D2C) brands, geographically expanding into non-metropolitan areas, serving the growing Gen-Z cohort, and attending to the changing needs of its premium clientele are all part of Myntra’s expansion strategy.
The number of brands on the platform has increased significantly year over year, and in the past year, the size of the catalogue has increased by more than 50 per cent. Another factor driving this expansion is a consistent stream of new clients.
Consumer preferences are changing, as evidenced by the demand across a number of categories, with segments like D2C, Premium Ethnic Wear, Beauty, and Home categories showing significant year-over-year growth in GMV.
With over 400 international fashion and beauty brands, including well-known names like Mango, H&M, Calvin Klein, and NYX Cosmetics, Myntra has expanded its portfolio of brands internationally. Myntra added 50 foreign labels in 2023 alone, and also introduced FWD, a dedicated app-in-app for Gen-Z fashion that has over 500 brands. Gen-Z fashion demand increased significantly, with GMV rising by more than 150 per cent annually.
