Flipkart’s fashion arm, Myntra, has announced a significant increase in market share across various apparel categories despite growing online competition, with a strategic focus on profitable growth moving forward.
“It hasn’t been about winning one category,” Myntra’s chief executive Nandita Sinha said. “We have gained market share in a broad-based manner across all categories. It has also been about winning new customer cohorts, whether it is Gen Z, who we have 10 million of, or it is going deeper into Tier-2 cities which are growing faster than metro and Tier-1 cities, and have become a large part of our consumption bucket.”
To enhance its focus on profitable growth, Myntra is implementing a range of incentives to reduce product returns. The company has successfully decreased its return-related costs by offering discounts and other services to discourage customers from returning goods.
