“The creator economy has revolutionised the way communication is happening to cater to different user bases,” said Sinha, adding, “There are about 100 million Gen Z consumers shopping fashion online and this number is supposed to grow to 250 million in 3–4 years. We are looking at video content to fuel the shopping journey of Gen Z shoppers.”
Launched last August, the Ultimate Glam Clan programme has seen 16% of Myntra’s monthly active users engaging with the content. “The people who engage with social content (including Ultimate Glam Clan) see 28% more conversation,” said Sinha. Myntra logged 75 million users on its platform in June.
Under the Ultimate Glam Clan programme, users can register to become a content creator and create content on the platform’s products. In 2023, Myntra had launched Myntra Minis, a short video form platform.
Online platforms are increasingly engaging with video commerce and collaborating with content creators. Earlier this month, for instance, Flipkart launched ‘Creator Cities’, which are production studios, in Mumbai, Bengaluru and Gurugram, for content creators affiliated with the platform. Rival Amazon has been engaging in content commerce to drive sales through user-generated content and live commerce on its app.
“There are almost 2.5 million creators in the country generating about $300 billion worth of revenue. This number is supposed to go to $1 trillion in the coming years, which makes us the fastest growing creator economy globally,” Sinha told ET.
Wider focus
In FY24, Myntra turned profitable for the first time. The Bengaluru-based company posted a net profit of Rs 31 crore on operating revenue of Rs 5,122 crore.
“We continue to grow much ahead of the market and we also continue to build capabilities in new areas,” Sinha told ET. “We are investing in building MNow, which is a capability very unique to us and also scaling Forward, which is a destination for GenZ shoppers.”
In recent years, Myntra has also been focusing on verticals beyond fashion, and beauty has been a key segment. “Beauty is one of our fastest growing segments. We are growing almost double that of market growth. Whether it is our Gen Z consumers or our Ultimate Glam Clan programme, we are seeing beauty become an important part of each strategic pillar that we are building,” Sinha said.
Last July, Myntra announced that it will be onboarding 500 direct-to-consumer (D2C) beauty and grooming brands by the end of the year, as part of a programme called Myntra Rising Stars.
Sinha added that Myntra is scaling up new categories such as home in the metros. Meanwhile, it is also expanding to reach non-metro cities to tap the tier two market.
In May, Myntra received fresh funding of Rs 1,062.5 crore ($124 million) from its Singapore-based parent entity, FK Myntra Holdings. The company has also expanded its services to Singapore through Myntra Global.
Myntra also rolled out a 30-minute delivery service, M-Now, in Delhi-NCR and Mumbai earlier this month, after piloting it in Bengaluru last December with about 10,000 stock-keeping units. ET had reported on December 4 last year that the online fashion company planned to take the service to Mumbai, Delhi and Pune.
