Myntra, an e-commerce platform for clothes, reported that it has been growing “faster than the online fashion market” since the second half of FY 2023 and has been EBITDA-positive for the past two quarters. The internet platform revealed that during the most recent holiday season, GMV (gross merchandise value) growth approached ~2X of the market. “A 33 percent increase in Monthly Active Users (MAU) has been integral to this market-leading growth, rising from approximately 45 million in 2021 to an impressive 60 million by the end of 2023 alongside unprecedented customer growth,” the business stated in a statement.
According to Myntra, its offerings, growing wallet share in non-apparel segments, demand for premiumization in the fashion industry with segments like beauty, international, and D2C brands, geographic expansion into non-metropolitan cities, unique offerings for the emerging Gen-Z cohort, and expanding offerings to meet the changing needs of its premium fashion-forward clientele are the company’s main growth pillars.
The number of brands on the online marketplace has increased significantly year over year, and a steady stream of new users has contributed to this expansion. The platform’s catalog size has increased by more than 50% in the past year. Myntra reported a YoY GMV growth in the D2C category of over 80%; Runway Icons, the company’s premium ethnic wear offering, rose at a rate of over 100%; and the Beauty segment, which is growing at a substantially higher rate than the Indian online beauty market, is still growing. In February 2024, the Home category experienced a noteworthy YoY rise of over 50% in GMV, reflecting the rising interests of Myntra’s diversified consumer base.
