Picture this – a kaleidoscope of fashion flourishing in the heart of India, each thread interwoven with the symphony of style guru known as Myntra. The year was 2016, when as a lifestyle editor, Myntra became my savior of sorts. Delivering in a day, my team and I enjoyed a plethora of fashion choices for our myriad official events. Today, the juggernaut is not just a brand, but a curator of dreams in the vibrant canvas of Indian style. In a country where every garment tells a story, Myntra has not only written chapters but crafted a saga of sartorial brilliance. With their B2B licensing program, the brand has brought not only elusive domestic brands, but also top global brands to our doorsteps, all delivered within days.

India’s demographic development in terms of market opportunity has encouraged online platforms. As per industry reports, India will have approximately 1 billion internet users by 2030, including approximately 50 percent of these users being below the age of 25. Myntra’s wholesale B2B arm makes a conscious effort to identify and associate with an array of brands on a wholesale basis that cater to the many niches of the fashion-forward consumer through its robust distribution network. This helps give a wider choice of products and drive better resonance among the burgeoning base of fashion-forward consumers.

From a consideration standpoint, in the case of some of their licensed brands like FCUK and Bebe, the compelling campaigns speak and engage with the audiences in a much sharper, personalized way.

B2B Brilliance Unveiled

According to Nandita Sinha, CEO, Myntra, “Our vision to democratize fashion drives us to bring the best of brands, styles and trends to our fashion-forward consumers, and cater to their various need states. Given the ever-evolving demands of the Indian consumer, we aim to offer the widest range of selection across categories and genders. The Licensing program (operated under the wholesale B2B arm of Myntra) helps further this vision to enable the growth of brands in the country while enabling customers to access fashion from across the globe. In a little over half a decade of license operations with a wide array of brands including FCUK, Bebe, Nautica, Justice, Ducati and Slazenger, among others, we have built strong capabilities in Brand Management across Apparel, Footwear, and Accessories.”

Myntra (through its wholesale B2B arm) puts together the selection by mapping the fashion trends and the brand ethos together to offer a unique selection. Its robust supply chain backbone and extensive design team enable one of the quickest-to-market timelines in the industry. Another key lever of brand-building in the long run, is to set up offline touch points through third parties. In fact, in the last two years, the brand has been able to double the POS (points of sales) count to 150+ (operated by third-party sellers) in the licensing portfolio.

Global Trends, Local Flair

Manika Mittal, Director and Head of International Brands, Myntra, succinctly observes, “As we witness the shift towards a middle-income dominated economy, the surge in premiumization is palpable. This is manifested across various economic strata, elucidating the changing preferences and aspirations of the Indian consumer at large.” This economic transformation necessitates a keen understanding of the demand for international names and licenses. It is a manifestation of India’s growing premiumization, where consumer preferences extend beyond mere population size to encompass nuanced demands for specific products and brands.

The Indian textile and apparel market was valued at $172.3 billion in 2022 and is poised to ascend at a CAGR of 14.59 percent during the 2023-2028 period. Integral to this narrative is the ascension of e-commerce, with penetration surging from 9 percent to a projected 25 percent. What adds an intriguing layer to this growth story is the substantial contribution from non-metro regions, constituting 70 percent of the fashion market and 55 percent of e-commerce.

The conventional dominance of cities such as Delhi, Mumbai, and Bengaluru is giving way to the untapped potential residing in Tier II and Tier III cities. Myntra, with its extensive reach covering 98 percent of pin codes, has emerged as a key facilitator in democratizing access to fashion. “The fashion landscape is witnessing a transformative surge, with non-metro areas emerging as significant contributors in addition to metros. This underscores the imperative need for platforms like Myntra to adapt and cater to the diverse demands emanating from varied geographies,” Manika astutely observes.

Tech Algorithms at Play

Myntra’s success is underpinned by more than just its online presence; it is emblematic of the brand’s tech-led engagement strategy. A predictive fashion engine with pioneering technology personalizes the shopping experience based on factors like individual preferences and logistical considerations. In addition to an unparalleled customer experience, the endeavor to under two-day delivery across the country through its M-Express offering has positioned Myntra as one of the preferred platforms for millions of discerning consumers.

Manika elaborates, “Myntra’s tech-driven approach is reshaping the consumer experience. The amalgamation of predictive technology and seamless logistics has not only enhanced customer satisfaction, but has also helped elevate Myntra’s position in the competitive e-commerce landscape.” Features like AIStylist, Virtual Tryons, and Vernacular Search enable customers to leverage technology to make confident fashion decisions. In fact, Myntra’s Myfashion-GPT, an ensemble suggestion feature powered by ChatGPT, is arguably the most unique feature, globally. To roll out such a feature to the entire customer base at this scale is a staggering achievement in itself.

Breaking Mold

Myntra’s ecosystem extends beyond the conventional realms of e-commerce. With several offline brand stores operating by a B2B wholesale arm (through third-party retailers), the brand has ventured past the role of an e-commerce platform. Manika emphasizes, “Incorporating stores for brands (through its network of third-party retailers) into the ecosystem is a strategic move. It not only augments accessibility for consumers but also propels Myntra’s unique positioning in the market.”

A pivotal technological innovation within Myntra’s arsenal is the Myntra Cross Border, also known as Beyond Borders. This initiative provides real-time access to global fashion trends, enabling Indian consumers to experience the latest styles from around the world. It operates seamlessly through tech integration, allowing customers to order international styles with a delivery time of 12 to 14 days. The success of this initiative is underscored by the inclusion of globally renowned brands such as ZALORA (Southeast Asia), DeFacto, and Trendyol (Turkey).

“Myntra Cross Border is a testament of the company’s commitment to providing Indian consumers with a selection of trend-first, global fashion. Its innovative approach is bridging geographical gaps and ensuring a diverse range of styles are accessible to the discerning Indian clientele,” elaborates Manika. In essence, Myntra’s trajectory is not merely a story of e-commerce triumph; it is an industry-defining strategic narrative navigating the complex landscape of India’s transitioning middle-income economy. Through a tech-driven approach, inclusive market reach, and innovative global access initiatives, Myntra stands as the torchbearer in reshaping the fashion retail landscape in India.

As Manika summarizes, “Myntra’s journey exemplifies the meticulous navigation required to bring a brand into the country successfully, tell its story to the masses, and foster sustained growth – a triumph that demands precision within the brand’s established parameters.”