Comprehensive Business Overview of Myntra
Myntra was founded by Mukesh Bansal, Chandra Balan, and Vineet Saxena in 2007 and is a fashion e-commerce company. Myntra had its inception as a personalised gift store which effectively grew as an online fashion and lifestyle retailer. For online shopping company quickly became a go-to destination offering a plethora of apparel, footwear, accessories, and beauty products. In 2014, Flipkart acquired Myntra for around $330 million. Flipkart’s infrastructure and resources were leveraged by Myntra’s acquisition, transferring it to one of the largest fashion e-commerce platforms in India. In this blog, we shall discuss the statistical approach of Myntra for its sustainability in the market.
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Myntra’s user base growth from 2020 to 2024
Myntra’s user base saw steady growth from 50 million in 2020 to 100 million by 2024. This growth demonstrates Myntra’s ability to deliver a wide range of products and a strong marketing strategy. This shows the strong digital presence of Myntra in smaller cities and towns. User engagement saw a growth of active users from about 20 million in 2020 to 40 million in 2024. This was due to the user-friendly features of the app such as personalized shopping, and innovative features such as Myntra Studio (which is a fashion community platform). Its engagement also increased due to sales events like End of Reason Sale (EORS). The market share of Myntra in the Indian fashion e-commerce space increased from 30% in 2020 to 38% in 2024 resulting in its leadership in the fashion category.
| Year | Registered Users | Active Users | Market Share | Notable Developments |
| 2020 | ~50 million | ~20 million (approx.) | 30% | Myntra experienced growth in users due to increased online shopping during the pandemic. The fashion category saw a surge in demand, especially for athleisure and casual wear during lockdowns. |
| 2021 | ~65 million | ~25 million (approx.) | 30% | Myntra focused on expanding its product offerings, including regional and affordable options. It also enhanced its app experience, leading to a rise in active user engagement. |
| 2022 | ~75 million | ~30 million (approx.) | 32% | Myntra’s user base grew due to the increased demand for fashion products post-pandemic. Exclusive launches and influencer collaborations also contributed to higher engagement and active users. |
| 2023 | ~90 million | ~35 million (approx.) | 35% | Myntra continued expanding its offerings, with a special focus on increasing its reach in Tier 2 and Tier 3 cities. It also launched Myntra Studio, further driving engagement with users. |
| 2024 | ~100 million | ~40 million (approx.) | 38% | Myntra reached 100 million registered users with a further increase in active users. Growth was supported by exclusive brands, deeper personalization, and more regional marketing campaigns. |
Myntra’s social media follower growth from 2020 to 2024:
Myantra’s engagement has been dominant on the platform of Instagram, with growth from 6 million in 2020 to 14 million in 2024. Steady growth was observed on Facebook from 12 million in 2020 to 16 million in 2024 in engaging audiences from Tier 2 and Tier 3 cities. Twitter following saw a double growth rate from 1.5 million in 2020 to 3 million by 2024. YouTube growth was marginal from 1 million in 2020 to 2 million. Myantra’s social media growth is discussed below:
| Year | Instagram Followers | Facebook Followers | Twitter Followers | YouTube Subscribers | Key Social Media Strategies and Highlights |
| 2020 | ~6 million | ~12 million | ~1.5 million | ~1 million | – Increased brand engagement during the pandemic through influencer-led campaigns. |
| – Focus on athleisure trends and work-from-home fashion. | |||||
| 2021 | ~8 million | ~13 million | ~1.8 million | ~1.2 million | – Myntra Fashion Superstar reality show increased social media activity. |
| – Collaborations with celebrities and influencers for engagement. | |||||
| 2022 | ~10 million | ~14 million | ~2 million | ~1.5 million | – Major push for regional influencers and expanding reach in Tier 2 and Tier 3 cities. |
| – Focus on sustainable fashion and exclusive brands. | |||||
| 2023 | ~12 million | ~15 million | ~2.5 million | ~1.8 million | – Social media campaigns for exclusive fashion collections. |
| – Influencer collaborations and sustainability messaging resonated with users. | |||||
| 2024 | 14 million | ~16 million | ~3 million | ~2 million | – Increased focus on luxury fashion and Myntra Signature. |
| -Engagement with global and local influencers to strengthen brand presence |
Key operational highlights of Myntra from 2020 to 2024:
Myntra capitalised on online shopping in 2020 by increasing product categories like athleisure and comfortable wear. Myntra studio platforms enabled influencers and customers to share their fashion inspirations. The launch of Myntra Fashion Superstar increased user engagement. One of the most awaited online fashion events in India Myntra’s Big Fashion Festival (BFF) in 2022 attracted shoppers thereby solidifying Myntra’s leadership. In 2023, Myntra emphasised promoting sustainable fashion and encouraged collaborations with eco-friendly brands, addressing the growing demand for sustainable products among consumers. As a try-on feature, Myntra combined AR/VR technologies to enhance user experience in 2023. In 2024, the launch of Myntra Signature established Myntra as a pioneer in the luxury fashion segment. Key Operational Highlights have been summarised below:
| Year | Key Operational Highlights |
| 2020 | Pandemic-Driven Growth: Myntra saw a surge in demand for fashion products, especially athleisure and casual wear, as people shifted to working from home. |
| Expansion of Delivery Network: Myntra enhanced its delivery infrastructure, particularly in Tier 2 and Tier 3 cities, to meet the increased demand due to the pandemic. | |
| Myntra Fashion Superstar: Myntra launched Myntra Fashion Superstar, an influencer-led fashion reality show, to engage customers and boost brand awareness. | |
| 2021 | Myntra Studio: The launch of Myntra Studio, a digital platform for influencers, content creators, and customers to share fashion inspiration, boosted user engagement and interactivity. |
| Focus on Regional Expansion: Myntra increased its efforts to tap into Tier 2 and Tier 3 cities, with specific marketing campaigns tailored to regional tastes and needs. | |
| Technology Integration: Myntra strengthened its AI-based recommendation engine and enhanced the app experience to provide more personalized shopping, increasing user retention and sales. | |
| 2022 | Fashion & Lifestyle Expansion: Myntra expanded its offerings to include more affordable fashion and exclusive brand collaborations, catering to a broader audience. |
| Myntra Big Fashion Festival (BFF): Myntra’s annual sale event, the Big Fashion Festival, grew in scale and became a major shopping event, driving traffic, sales, and brand partnerships. | |
| Enhanced Supply Chain: Myntra enhanced its logistics network, reducing delivery times and expanding its warehouse capabilities to support growth, particularly in non-metro areas. | |
| 2023 | Myntra’s Global Reach: Myntra increased its global presence by partnering with international brands, offering a wider range of luxury and premium products in the Indian market. |
| Sustainability Initiatives: Myntra focused on sustainable fashion by promoting eco-friendly brands and collaborating with organizations to reduce its environmental footprint. | |
| Integration of AR/VR: Myntra incorporated Augmented Reality (AR) and Virtual Try-On (VR) features into its app, allowing customers to try on clothes virtually before purchase. | |
| 2024 | Myntra Studio Growth: Myntra Studio became a key driver of community engagement and user-generated content, attracting more creators and influencers. |
| Myntra’s Partnerships with Celebrities: Myntra partnered with various celebrities and influencers for exclusive collections, boosting brand appeal and driving sales. | |
| Focus on Tier 2 and Tier 3 Cities: Myntra continued to increase its penetration in smaller cities with regional language support, customized offerings, and localized marketing strategies. | |
| Introduction of Myntra Signature: Myntra introduced Myntra Signature, a luxury fashion vertical, focusing on high-end fashion brands and premium customers in India. |
Myntra’s financial statistics from 2020 to 2024
Myntra’s revenue grew from ₹4,020 crores in 2020 to ₹7,000 crores in 2024 this increased market share in a competitive market. Influence of sustainable fashion, luxury fashion (Myntra Signature), and exclusive collaborations with brands and influencers was a major booster dose for increasing the market share of Myntra’s revenue. Gross Merchandise Value (GMV) showed stable growth from ₹10,000 crore in 2020 to ₹17,000 crore in 2024. Despite losses, Myntra could make a profit of ₹150 crore.
| Year | Revenue | Gross Merchandise | Value (GMV)Profit/Loss | Key Financial Highlights |
| 2020 | ₹4,020 crore (~$540 million) | ₹10,000 crore (~$1.35 billion) | Loss of ₹1,100 crore (~$150 million) | Myntra saw a surge in demand for fashion products during the pandemic, especially in athleisure. Despite this, the company reported a loss due to increased operational costs and heavy investments in logistics and marketing during the COVID-19 period. |
| 2021 | ₹4,800 crore (~$650 million) | ₹11,000 crore (~$1.5 billion) | Loss of ₹900 crore (~$120 million) | Myntra’s GMV grew significantly, driven by strong sales during the Big Fashion Festival and the growing demand for fashion. Losses narrowed due to better cost management and improved logistics efficiency. Myntra also focused on increasing penetration in Tier 2 and Tier 3 cities. |
| 2022 | ₹5,400 crore (~$725 million) | ₹13,000 crore (~$1.75 billion) | Loss of ₹700 crore (~$95 million) | Myntra’s revenue and GMV continued to grow, aided by its exclusive brand partnerships and regional expansion. Losses were reduced as the company benefited from more efficient operations, improved supply chain, and higher customer engagement. |
| 2023 | ₹6,500 crore (~$875 million) | ₹15,000 crore (~$2 billion) | Profit of ₹100 crore (~$13 million) | Myntra achieved profitability in 2023, supported by growth in active users, exclusive launches, and improved operational efficiencies. The company also saw strong growth in Tier 2 and Tier 3 cities and witnessed increased consumer spending on fashion. |
| 2024 | ₹7,000 crore (~$950 million) | ₹17,000 crore (~$2.3 billion) | Profit of ₹150 crore (~$20 million) | Myntra reached new financial milestones with higher revenue and GMV in 2024, driven by the launch of Myntra Signature (luxury fashion) and sustained growth in active users. Operational efficiency, cost control, and exclusive partnerships continued to drive profitability. |
Myntra’s customer demographics from 2020 to 2024
Myntra’s audience is based mostly on 18-40 years age group. Myntra had been dominated by female audiences from 60%-65% of its user base between 2020 and 2024. Myntra had a strong hold on Tier 1 cities (metros) gradually audiences from Tier 2 and Tier 3 cities increased from 2023-2024. Myntra was dominated by the middle and upper-middle class. Post-pandemic Myntra shifted focused on athleisure, comfortable home wear, and casual clothing due to lockdowns and work-from-home arrangements. Customer demographics have been discussed below:
| Year | Age Group | Gender | Geography | Income Group | Shopping Behavior |
| 2020 | 18-35 years (55% of users) | 60% Female, 40% Male | Primarily Tier 1 & Metro Cities | Mid to High Income (₹5-15 lakh) | Shift to casual, athleisure, and home wear due to the pandemic. |
| 2021 | 18-35 years (60% of users) | 62% Female, 38% Male. | Metro Cities, Tier 2 cities | Middle to Upper Middle Class (₹5-25 lakh) | Focus on fashion, casual wear, and accessories. |
| 2022 | 18-40 years (65% of users) | 63% Female, 37% Male | Metro, Tier 2 & Tier 3 cities | Upper Middle Class, Upper Class (₹8-30 lakh) | Increased demand for premium brands, and luxury products. |
| 2023 | 18-40 years (68% of users) | 64% Female, 36% Male | Metro, Tier 2 & 3 cities, | RuralMiddle to Upper Middle Class (₹10-35 lakh) | A significant shift toward sustainable and premium fashion. |
| 2024 | 18-40 years (70% of users) | 65% Female, 35% Male | Metro, Tier 2 & 3 cities, Rural. | Upper Middle Class, Premium (₹12-40 lakh) | Focus on luxury, sustainable fashion, and exclusive collections. |
