Myntra said it has been growing notably faster than the online fashion market since the second half of CY2023, with GMV growth nearing two times of the market during the recent festive season
New Delhi: Fashion e-commerce platform Myntra said it has been on a strong growth trajectory since the second half of 2023 and has remained EBITDA positive for the last two quarters.
The online marketplace in a blog post said it has been growing notably faster than the online fashion market since the second half of CY2023, with GMV (gross merchandise value) growth nearing two times (2x) of the market during the recent festive season.
“Integral to this market-leading growth has been a 33 per cent surge in Monthly Active Users (MAU), rising from ~45 million in 2021 to an impressive ~60 million by the end of 2023 alongside unprecedented customer growth,” it added.
The online marketplace said the key drivers for this expansion are its trend-centric offerings, expanding share of wallet in non-apparel segments, a drive in premiumization in fashion with segments like Beauty, International and D2C brands, geographical expansion into non-metro cities, differentiated offerings for the emerging Gen-Z cohort and expanding offerings for the evolving need states of its premium fashion-forward customer base.
“Myntra’s strong market position, owing to its growing customer base, domestic and international brand associations, world-class tech-led innovations and a strong foothold among the premium fashion-forward customers, has enabled its marketplace entity to turn EBITDA positive since the last quarter of CY 2023,” a company statement said.
Myntra added it has been constantly scaling its repertoire of international brands, and has over 400 international brands in its portfolio.
Demand for Gen-Z Fashion on Myntra FWD witnessed over 150 per cent year-on-year GMV growth in CY2023, it said.
