13 August 2024, Mumbai
Flipkart-owned fashion platform Myntra has appointed AmitMahajan as Vice President, FWD, Myntra’s new fashion discovery portal targeting Gen Z consumers.
In his new role, Mahajan will be involved in developing innovative merchandising strategies and expanding the product range for FWD. He joins Myntra from PT Map AktifAdiperkasaTbk, an Indonesia-based retailer specialising in sports, leisure, and kidswear, where he served as Assistant Vice President (AVP) of Merchandising.
This appointment aligns with Myntra’s broader strategy to attract Gen Z consumers, a demographic increasingly being targeted by various brands, particularly those in the direct-to-consumer (D2C) segment.
According to a joint report by Bain & Company and Myntra, the Gen Z consumer group represents 25 per cent of the e-lifestyle market, contributing $4 billion to the gross merchandise value (GMV) of the sector.
NanditaSinha, CEO, Myntranotes, the company has gained market share across all categories. It has been successful capturing new customer cohorts, whether it’s the 10 million Gen Z users or expanding its reach into Tier-II cities, which are now growing faster than metro and Tier-1 cities,she adds.
Despite facing stiff competition from rivals like Reliance's Ajio and Nykaa, Myntra has seen significant growth in the last 12-18 months.Data from market research firm Datum Intelligence shows,Myntra achieved gross sales of approximately $3.9 billion in 2023, while Ajio ended the year with more than $2 billion in sales. Myntra also closed 2023 with an annual transacting user base of 40 million.
The growing focus on Gen Z by brands and investors alike is evident in the D2C sector, with many emerging brands, particularly those in ethnic wear, drawing interest from venture investors due to their appeal to younger consumers.
