Bengaluru, December 14, 2023: Myntra, India’s go-to destination for fashion, beauty and lifestyle, registered a record high of 60 million monthly active users this festive season. Driven by a growing customer base, with differentiated offerings for Gen Z, and a robust portfolio of international fashion and beauty brands, the platform solidified its position in the premium and mass premium segments, growing faster than the market.
Backed by a seamless tech-led experience and a whopping 23 lakh styles to choose from, the platform recorded ~75 million new app users in 2023 with its prized loyal customer base growing by 100% YoY in the last 18 months.
Gen Z fashion – growing demand and burgeoning customer base
Staying ahead of the curve in terms of understanding and quickly catering to customer demand, Myntra introduced FWD, an app-in-app proposition for Gen Z. The Gen Z fashion segment has recorded an impressive 2.25X YoY surge in demand on the platform, substantiating Myntra’s edge to cater to the evolving preferences of the youth. The Gen Z segment has witnessed a 175% YoY growth in customers, making Myntra the preferred destination for GenZ fashion. In addition to an unparalleled selection of 90,000 styles, Myntra FWD offers a personalized experience to users in a ‘spot it get it’ format, solving for inspiration, discoverability, and access to the latest global trends with its tech-led proposition.
Beauty portfolio registers 3X growth of the market
The platform’s Beauty charter has emerged as one of the best-performing players at scale in the industry, boasting a remarkable 3X growth of the market. The beauty portfolio has also grown by over 4X in the last 3 years and comprises 1500+ brands and 90,000+ SKUs, exemplifying a diverse and inclusive beauty selection. Myntra continues to be a platform of choice with several sought-after brands striking associations with the platform to showcase their selection while tapping into Myntra’s premium and upwardly mobile customer base.
Commenting on the key highlights, Sunder Balasubramanian, CMO, Myntra said, “We’ve had a phenomenal year and are proud of the efforts put in by the teams along with brands. It’s been heartening to see how multifaceted our growth has been. We’ve added the highest number of new users and new customers this year, whilst doubling our loyal-customer base. In our commitment to provide a delightful shopping experience to customers, we continue to make several strides and achieve major milestones.”
D2C Category soars with a 70% growth
The last quarter has seen Myntra record a phenomenal 70% YoY growth in the Direct-to-Consumer (D2C) category. Acting as a catalyst for leading brands, some of which registered growth rates over 100%, this trend underlines the platform’s pivotal role and commitment to driving the success of partner brands.
Pioneer in leveraging technology to drive seamless customer experience
Technology has a crucial role in the platform’s endeavour to streamline and personalise the shopping experience for consumers across fashion and beauty. Myntra Minis, a short-form video content offering, based on the reels format, has witnessed an astounding 1 million daily views, highlighting the increasing popularity of this innovative feature, and underscoring Myntra’s commitment to providing engaging and relevant shoppable content to its digital native users. Additionally, Myntra leverages AI and other emerging technologies to solve for product discovery on the platform. The company was among the first globally, to leverage ChatGPT and launch a feature to enhance product discovery with MyFashionGPT and also introduced cutting-edge AI-led features including Maya and MyStylist.
Myntra has also solidified its position as the go-to lifestyle destination of the country with a compelling selection across watches & wearables and luggage & travel accessories, home and footwear.