Myntra gains market share despite rising competition

Flipkart’s fashion arm Myntra has reported that it has gained market share across various apparel and beauty categories despite increasing competition online and is focusing on profitable growth moving forward.

“It hasn’t been about winning one category,” Myntra’s chief executive Nandita Sinha told the Economic Times. “We have gained market share in a broad-based manner across all categories… It has also been about winning new customer cohorts, whether it is Gen Z, who we have 10 million of, or it is going deeper into Tier two cities which are growing faster than metro and Tier one cities, and have become a large part of our consumption bucket.”
 
Myntra plans to continue to expand its beauty offering as the category continues to grow in the Indian market. The business reported that around one third of its customer base has bought beauty goods on the platform, ET Retail reported. Myntra also plans to widen its home décor offerings for growth.
 
“We now have a considerable presence in terms of marquee international brands in the beauty segment, whether it’s Huda Beauty or a large number of Korean beauty brands or the likes of Mac Cosmetics,” said Sinha.
 
As part of its focus on profitable growth, Myntra is offering a range of incentives to customers to help prevent product returns. The business has reduced its costs relating to returns and discouraged shoppers from returning goods by offering discounts and other services instead.