BENGALURU : Online shopping platform Myntra on Tuesday claimed that it turned operationally profitable in the last quarter of calendar year 2023, attributing it to an expanding customer base, premiumization, collaborations with both domestic and international brands, and advancements in technological integration.
Myntra did not disclose specific Ebitda (earnings before interest, taxes, depreciation, and amortization) numbers. For FY23, the Walmart-backed company reported a 25% rise in its revenue from operations to ₹4,375 crore, while losses during the period widened to ₹782 crore from ₹598 crore a year ago.
Myntra reported a 33% increase in its monthly average users, rising to approximately 60 million in 2023 from around 45 million in 2021. The company outpaced the online fashion market’s growth in the latter half of the year, with its Gross Merchandise Value (GMV) nearly doubling that of the market’s during the festival season.
Looking ahead, Myntra plans to diversify its product offerings based on user demographics, increase its market share in non-apparel categories, pursue further premiumization in fashion through beauty, international, and direct-to-consumer (D2C) brands, and expand its reach into non-metropolitan areas.
Technological advancements have also played a crucial role in enhancing user engagement, with nearly 2 million monthly users exploring new features like MyFashionGPT, Maya, and AI Stylist.
Founded in 2007 by Mukesh Bansal, Vineet Saxena, and Ashutosh Lawania, Myntra boasts a portfolio of over 6,000 fashion and lifestyle brands, including the likes of H&M, Levi’s, U.S. Polo Assn, Tommy Hilfiger, Louis Philippe, MANGO, Forever 21, and Marks & Spencer. The platform delivers to over 19,000 pin codes nationwide.
Over the past year, brand assortment and catalogue size on the platform have expanded by more than 50%, driven by a continuous influx of new customers. Myntra added approximately 50 international brands last year, building on its existing portfolio of 400 companies. Among its various segments, the home category in February saw a 50% GMV increase from the previous year, indicating shifting consumer preferences.
Projected to reach approximately $35 billion by 2028, India’s fashion and lifestyle e-commerce market continues to grow rapidly. “This, coupled with the country’s progressing journey in fashion, which continues to evolve and scale at pace, serves as a strong base for the positive prospects of the industry, where Myntra’s role will be pivotal,” the company said in a statement.
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Published: 26 Mar 2024, 06:51 PM IST