Myntra: Online fashion market to show optimistic growth trajectory
10 June 2022, Mumbai:
India’s online fashion market will grow 35 percent to $30 billion in the next five years, as per predictions made by Flipkart’s fashion arm Myntra.
As per a *Fashion Market report, Myntra expects India’s e-commerce business to grow 30 percent during the period.
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Almost one-third of fashion in India is expected to be sold through digital platforms over this period.
By 2030, India will have one billion internet users, says Nandita Sinha, CEO. Around half its population is currently below 25 years of age and Myntra aims to capture these consumers through its increasingly interactive online shopping features such as live shopping.
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Sinha says young consumers will help fuel the growth of the company in the coming years. It looks to identify these consumers and understand their preferences and choices.
Besides fashion, Myntra also aims to capitalize on direct-to-customer brands in the beauty segment, and India-specific collections from international brands. Myntra has expanded its beauty segment with numerous new additions ahead of its largest sale event of the year to tap into the growing symbiosis of fashion and beauty.
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CREDITS: *Fashion Market Report
