Myntra's success in attracting international brands is fueled by understanding India's market dynamics. By merging global brands' strengths with Indian insights, Myntra sets new standards for customer satisfaction.
Myntra posts strong growth, staying EBITDA positive. GMV growth 2x online fashion market. MAU reaches ~60M by 2023 end. Emphasis on non-apparel, premium fashion, Beauty, and Gen-Z.
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.
This association will build an omni-channel presence for NEXT aided by opening NEXT stores across key cities in India, including Delhi, Mumbai and Bengaluru, coupled with an extensive online presence on Myntra's platform. It will allows Myntra Jabong, it's B2B wholesale entity, the right to distribute NEXT’s range of products, while holistically scaling NEXT’s omni-channel presence in India, the company stated in a press release.
The ad film unfolds across three distinct settings; a bustling cafe, a vibrant basketball court and an electrifying dance floor. With each scene seamlessly transitioning into the next, the film showcases a diverse range of sneakers, demonstrating their versatility and appeal across various lifestyles and occasions. The film reinforces the idea of sneakers as essential footwear, empowering individuals to navigate any situation with style and confidence.
After an 11-year journey with the Flipkart Group, Rajagopal bids farewell as he embarks on a new chapter. His tenure encompassed diverse roles, culminating in his position as senior vice president and chief executive officer of Cleartrip.
In his new role, Nair will be tasked with bolstering Myntra's international brands portfolio, forging strategic alliances with renowned global brands, and overseeing the omni-channel strategy for brands on the platform. His appointment underscores Myntra's commitment to further strengthening its position as the preferred strategic partner for top fashion, beauty, and lifestyle brands seeking to capitalize on India's burgeoning market potential.
French apparel brand Kiabi, present in 25 countries, has entered Asia through a partnership with Myntra in India. Kiabi, owned by The Association Familiale Mulliez, joins a portfolio of retail brands controlled by the Mulliez family. The collaboration with Myntra aims to target premium fashion audiences in India, offering a diverse range of 500+ products across categories. Kiabi will have a dedicated Online Brand Store on the Myntra app and visibility through Myntra Minis.
Trendyol, the Turkish e-commerce company owned by internet giant Alibaba will delist its products on Reliance Ajio and Nykaa, opting instead to exclusively sell through Myntra in India. Having launched in the second half of 2022 in India, Trendyol has been operating across all three platforms until this decision.
The retailer said it does not want to change its price-tag to mop up higher volumes at the cost of diluting its global positioning of strong focus on quality and in-house design. Despite higher pricing, Myntra, which sells its entire global range in India, said Mango has been its largest selling global brand in women's western wear for the past two years.
According to the report, Flipkart's user base grew 21% year-on-year (YoY), Meesho accelerated at 32% while Amazon lagged at 13% user growth primarily due to relative premium offerings as compared to peers.
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