India is a key strategic market for global brands while domestic brands are strengthening their propositions, Nandita Sinha, CEO of Myntra, said.
“With the launch of Myntra Global in Singapore, we’re also laying the foundation for our global foray, with a long-term aspiration to serve the Indian diaspora beyond India,” Sinha said on Sunday after attending the NRF 25, an international retail show held in Singapore from June 3 to 6. The Bengaluru-headquartered launched in Singapore on May 19 this year.
“The new-age insurgent brands are tailoring their value proposition,” she said, underlining the growing strategic importance of the Indian market. “…Myntra is targeting the 6,50,000-strong Indian diaspora in the Lion City. Our home website in India was already witnessing notable organic traffic to the tune of 30,000 users from Singapore,” Sinha told the Press Trust of India.
Since its Singapore launch, Myntra has seen a growing engagement with impressive AOV (average order value) and a promising percentage of returning customers already. “We want to further reinforce our position as India’s most loved lifestyle destination, making the best of trendy fashion, beauty and lifestyle accessible to 100 million plus customers in the country,” said Sinha.
At less than 15%, e-fashion in India is still significantly underpenetrated when compared to global benchmarks, presenting a tremendous opportunity. A key focus area for Myntra is Gen Z, a cohort that engages with fashion differently and demands trendy fashion, a more personalised discovery journey and a seamless shopping experience. “The aspirational Indian shopper is trading up across beauty, accessories, and occasion-wear and Myntra as one of India’s leading e-lifestyle destinations, is well poised to cater to the aspirational and evolving customer needs,” Sinha added.
