Addition of global brands is unlocking value for Myntra: Nandita Sinha
fashion retailer Myntra said it has added more than one new international apparel, beauty and lifestyle brand every week on an average since the pandemic, which helped it avoid a slowdown in the overall retail market since over a year. With 420 global brands in its portfolio, the Flipkart arm gets about a quarter of its revenue from international brands.
Two years ago, it had 280 international labels.
«The scale at which we provide access to brands allows us to unlock value at scale,» said Nandita Sinha, chief executive officer of Myntra. «It's not about the discounting, but when you are able to operate a brand at this scale in the country, the attempt is always to get the right fashion at the right price.»
She said small towns now account for nearly 45% of Myntra's sales, driven by high demand for premium and international brands, in a sharp contradiction to the rural slowdown even in basic staples and groceries segment.
«The ability to get exposed to international trends post pandemic is much higher than what it was five years back,» Sinha said. With 75 million new app users in 2023, Myntra posted record customer growth even as the overall fashion retail segment has been struggling with a demand slowdown since January last year due to inflationary headwinds.
The overall retail growth slowed to 6% in both March and April, increasing marginally to 9% in August and September before falling slightly to 7% in October and November, according to the Retailers Association of India. Myntra, however, said it outperformed the market.
During FY23, the online retailer's revenue rose 25% to Rs 4,375 crore from Rs 3,501 crore in the previous year.
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