India is key strategic market for global brands, says Myntra CEO
HighlightsNandita Sinha, Chief Executive Officer of Myntra, emphasized the growing strategic importance of the Indian market, highlighting the launch of Myntra Global in Singapore to serve the Indian diaspora. Since the launch of Myntra Global on May 19, the company has experienced increased engagement, including a notable average order value and a promising percentage of returning customers. Sinha noted that less than 15 percent of the e-fashion market in India is currently penetrated, indicating significant opportunities for growth, particularly among the Gen Z demographic.
India is a key strategic market for global brands while domestic brands are strengthening their propositions, Nandita Sinha, CEO of Bengaluru-headquartered
Myntra
, which launched in Singapore last month, 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 here June 3-6.
"The new-age insurgent brands are tailoring their value proposition," she said, underlining the growing strategic importance of the Indian market.
"With the launch of Myntra Global, starting with Singapore, 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 PTI.
Since the Singapore launch on May 19, 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, who is leading the Indian fashion e-commerce company of Flipkart.
At less than 15 per cent, e-fashion in India is still significantly underpenetrated compared to global benchmarks, presenting a tremendous opportunity, she said.
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. PTI
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