In 2023, Myntra recorded a remarkable surge in its user base and market presence, according to a company release. With a growth rate of 100 per cent Y-o-Y over the past 18 months, Myntra welcomed approximately 75 million new app users, marking a significant expansion of its customer base. The festive season alone saw a record high of 60 million monthly active users, showcasing the platform's popularity.
Sunder Balasubramanian, Chief Marketing Officer, says, the increase in both new and loyal customers highlights Myntra’s commitment to deliver an exceptional shopping experience.
During the last quarter of the year, Myntra experienced a 70 per cent Y-o-Y surge in its direct-to-consumer (D2C) sector. Additionally, its short-form video content feature, Myntra Minis, attracted a daily viewership of 1 million, demonstrating strong engagement among users.
By December 2023, Myntra had established partnerships with over 400 international brands, including renowned names like H&M, Levis, Tommy Hilfiger, and Mango. The platform added more than 50 international brands in 2023 alone, significantly broadening its offerings and appealing to diverse consumer preferences.
Recognising the importance of omnichannel retailing, Myntra expanded its presence offline through initiatives like Myntra Studio and collaborations with brick-and-mortar retailers. These initiatives aimed to enhance personalised styling services and engage customers through multiple channels.
Myntra also witnessed substantial growth in specific product categories. The beauty segment expanded by over four times in the last three years, supported by the introduction of virtual try-on features for makeup categories. Meanwhile, the home category experienced a 50 per cent Y-o-Y growth, focusing on offering stylish and unique home products to fashion-forward customers.
In May 2023, Myntra launched FWD, an app-in-app proposition targeting Gen Z, which saw a 2.25 times Y-o-Y surge in demand. FWD provides a personalised experience and access to global trends, catering to the preferences of younger consumers.
Founded in 2007 by Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena,
Myntra initially started as an online retailer of personalised gifts before transitioning to fashion and lifestyle products. Since its acquisition by Flipkart in May 2014, Myntra has evolved into a vertical fashion, beauty, and lifestyle-focused marketplace, becoming a preferred partner for international brands entering the Indian market.
