Myntra is looking for 100 million customers in the next few years

In an interview, Sinha, who joined as CEO in January, talked about bringing more fashion consumers online and the need for quick delivery as consumers evolve. Edited excerpt:

You joined the top management of Myntra after a major brainstorming. Has it become difficult to navigate?

Myntra as an organization is a brand that is built on the strong foundation of the team that it has, the fashion and technical expertise the team has, and the kind of traction and adoption we see from our consumers. With these three things in place, it wasn’t too difficult to sum up and absorb all the work the team had put in to understand what the team was doing, and then what kind of build from there. While there was a lot of leadership brainstorming, I think who we are as a platform, the team, the passion for fashion, the passion for technology, all these things really made it a lot easier.

How do you plan to grow Myntra over the next five years?

As you look at the opportunity, both consumers and the ecosystem around us are digitizing. The growth of fashion consumers in the industry is going to be important. All these consumers are going to become digital-first in a big way. All their media consumption, product consumption, everything will start going digital-first.

This is a huge opportunity that lies before Myntra. The reach and consumption of fashion on e-commerce is very limited today. The task is to take this forward with the upwardly mobile, aspirational consumer group, which is going digital first. We have the best understanding of this fashion clientele – the upwardly mobile, GenZ and aspiring female clientele.

If you look at some of our innovations that we’ve made over the years, whether it’s social commerce MStudio, M Live or a new trend ecosystem Style Cast, or innovations that we’ve done on the aesthetic side, which is on AR and VR The testing equipment that are there is all a testament to how we will continue to build fashion technology in the country.

Do you have any numbers on how many buyers you want to reach in India in the next five years?

Today, overall, there are around 200 million e-commerce users in the country. About 130 million-140 million of them are fashion e-commerce consumers. The idea is to really see how we do on our journey to the 100 million consumers shopping on the platform with us over the next few years. Today the penetration of fashion as an industry is around 8-10%. The task of Myntra and Flipkart Group is indeed to increase this penetration further in the next few years.

Myntra is known for selling mid-to-premium level brands. How do you plan to build the Myntra Luxe?

Myntra Luxe has two elements to it, which is the selection we bring to the table, and the vendor ecosystem that we’ve enabled.

Having a differentiated experience on the app allows customers to engage with these bands in a way that is brand-first and luxury-first.

Myntra Luxe will play a very important role for the customers who want to buy luxury goods, access to global brands or even Indian designers. Our ability to deeply personalize for these customers will position us well. We will be the leader in the premium and luxury fashion space in the country.

Will Myntra consider buying equity stake in any direct-to-consumer brand?

We are an enabler for brands in how they reach our consumer base. We continue to build for consumers and enable partners. I think we’ll have an idea on how we’ll build it. We don’t have anything to share right now.

Does Quick Commerce have a place in fashion or is it limited to groceries?

Consumers are evolving and as more and more consumers adopt e-commerce, there will be expectations on speed, which will be different than before.

Certainly, consumers are going to demand faster delivery, especially in categories like beauty and personal care.

We will continue to innovate and create for these consumers. Instant commerce is something that should be seen for fashion but as we move forward the speed will be relevant for fashion consumers.