Myntra predicts India's online fashion market will grow 35% to $30 billion in five years

By

Isabelle Crossley

Published
Jun 8, 2022

Flipkart’s fashion arm Myntra has ambitious predictions for the growth of the Indian online fashion industry and expects it to grow by 35% to reach a value of $30 billion in the coming five years. 

As the Indian e-commerce market continues to grow, Myntra sees omni-channel retail as the future of Indian fashion. “Today the contribution of e-commerce to most of the fashion business is 10% to 12%,” Myntra’s CEO Nandita Sinha said at the ET Retail Tech Summit 2022, ET Retail reported. “This will grow to 30%. That means almost one third of fashion in India in the next five years will be sold online or through digital platforms.”

By 2030, India is set to have one billion internet users, according to Sinha. As half of India’s population is under 25 years old, this means that there are a lot of young consumers as potential customers, which Myntra aims to capture as customers through its increasingly interactive online shopping features such as live shopping. 

In order to continue to grow online, it is paramount to capture the interest of millennial Gen Z shoppers, according to Sinha. “These are the consumers who will fuel the growth in the coming years,” Sinha said. “It is very important to understand who these consumers are and what is really driving their preferences and choices.” 

Other trends which Myntra aims to capitalise on include beauty as an extension of fashion, direct-to-customer brands, and India specific collections from international brands. Myntra bolstered 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.