Online fashion retailer Myntra is accelerating diversification into fashion peripheral sectors home decor.
The company has doubled its selection since December 2023. The home decor currently has a selection catalog of over 4.5 lakh styles from over 1,500 domestic and global brands including M&S Homes, H&M Homes, India Circus, My Trident, Urban Space, Elementary, D’Decor and Nestasia amongst others.
“Myntra’s home category is trending strongly, seeing traction across segments, like the kitchen segment is growing at 150 per cent YoY in the last quarter. Within decor, wall clocks and fragrances are trending at 100 per cent YTD,” said Sunder Balasubramanian - CMO, Myntra.
The company will also look to collaborate with local artisans and brands in the future, he added.
“We have 60 million monthly active users who come to our platform, the most premium audiences in the country. Their behavior has evolved in the way they perceive fashion and beauty and it’s also happening at home,” added Balasubramanian.
Demand from metros
In the January-March quarter of this year, Myntra saw 40-45 per cent of the demand for home coming from metros, the company said.
Myntra has collaborated with Masaba Gupta - the acclaimed fashion designer, beauty entrepreneur and actor as the brand ambassador for Myntra Home. In this role, she will bring her creative vision to the platform, curating an inspiration-driving home selection that caters to trend-first customers who are building homes that best reflect their personalities. As part of this association, she will also be seen in the ‘Curated by Masaba’ campaign that shines a spotlight on Myntra’s premium home selection.
This comes at a time when Myntra is also looking to diversify and scale up new segments like beauty and home decor, as the platform is facing rising competition from rivals like Reliance Ajio and Nykaa.
According to estimates from market research firm Datum Intelligence, Myntra hit gross sales of around $3.9 billion in calendar year 2023. In an earnings’ call on May 16, senior executives at Flipkart’s US parent, Walmart, said Myntra had been profitable on an earnings before interest, taxes, depreciation and amortisation basis for the past two quarters.