Tier II and III Cities Account For 40% Of International Brand Orders On Myntra: CEO Nandita Sinha

Tier II and III Cities Account For 40% Of International Brand Orders On Myntra: CEO Nandita Sinha

SUMMARY

Over the last few years, the Indian consumer has become far more tech-savvy, due to which the adoption of fashion brands has seen a hockey stick growth, said Myntra CEO Nandita Sinha

According to Sinha, 40% of Myntra’s international brands business emerges from Tier II and III cities

The Myntra CEO added that smaller cities and towns have been a very important part of Myntra’s strategy over the last few years

According to the CEO of Myntra, Nandita Sinha, the Flipkart-owned ecommerce major receives nearly 40% of orders of its international brands from Tier II cities and beyond.

“I think Tier II today is one of the fastest-growing geographies. One of the interesting parts about Tier II and Tier III cities is that 40% of our international brands business comes from these cities. So, customers from Tier II and III cities are buying across brands,” Sinha said, speaking at a session during Inc42’s fourth edition of The D2C Summit 2023.

The ecommerce major has been busy launching several products and services over the past few months, including FWD and Myntra Minis, to attract GenZ customers and improve user experience on its platform.

Myntra aims to attract 10 Mn GenZ users and expand its customer base over the next two years. As of 2022, Myntra has a customer base of 8.6 Mn GenZ users. Further, the platform plans to increase the number of styles available on FWD to over 100K by 2023-end.

“So, I think the more we personalise our experience for each customer, it’s increasingly easy for us to cater to different customer types. Tier II and III cities have been a very important part of our strategy over the last few years and will continue to do so as we go forward,” Sahni said.

Talking about the larger fashion opportunity in India for D2C brands, the Myntra CEO noted that only around 30-35% of the $100 Bn industry is branded, with the rest being unbranded. 

“New brands will emerge in this country. They will, of course, be international brands, which will come. But a lot of the brands in the country will be homegrown,” Sinha added. She said that over the last few years, the Indian consumer has become far more tech-savvy, due to which the adoption of fashion brands has seen a hockey stick growth.

Myntra also has a considerable contingent of in-house private labels, including names such as Roadster, HRX, Mast & Harbour and more. Over the past few years, Myntra has launched more than 20 so-called ‘master brands’.

While the platform is yet to publish its financials for the financial year 2023 (FY23), it posted a 40.5% YoY increase in its loss to INR 597 Cr in FY22. The bottom line took a hit despite a 45% year-on-year (YoY) increase in operating revenue to INR 3,501.2 Cr in FY22.

You have reached your limit of free stories
This Diwali, Get Up To 72% Off On Inc42 Plus

Become A Startup Insider With Inc42 Plus

Offer Fading Away This Week
countdownmail.com
2 YEAR PLAN
₹19999
₹6999
₹291/Month
UNLOCK 65% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹3999
₹333/Month
UNLOCK 60% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Tier II and III Cities Account For 40% Of International Brand Orders On Myntra: CEO Nandita Sinha-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Tier II and III Cities Account For 40% Of International Brand Orders On Myntra: CEO Nandita Sinha-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Tier II and III Cities Account For 40% Of International Brand Orders On Myntra: CEO Nandita Sinha-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Tier II and III Cities Account For 40% Of International Brand Orders On Myntra: CEO Nandita Sinha-Inc42 Media
Tier II and III Cities Account For 40% Of International Brand Orders On Myntra: CEO Nandita Sinha-Inc42 Media
You’re in Good company