29 Jan 2024
According to Myntra CEO Nandita Sinha, the Indian beauty and personal care (BPC) industry is expected to reach $30 billion by 2027 with the number of beauty products increasing drastically. This offers an opportunity for the BPC market to grow exponentially. Myntra is also investing a lot in the beauty space with excellent fund growth. Sinha added that Myntra is not worried about customer acquisition costs anymore.
Myntra expects the beauty segment to increase at an aggressive rate due to the rapid expansion of two major conglomerates, Reliance and Tata Group. In fact, the competition is fierce between both the groups having added Huda Beauty to their product offerings.
Myntra, which was mainly known as a fashion portal, is happy to expand into the beauty business as both segments are inter-related. It has added 75 million new customers in 2023, with its present monthly average base amounting to more than 55 million. It has kept both the fashion and beauty segments as part of the same app and is using technology to offer beauty recommendations. Sinha believes that Myntra customers are looking at getting a complete beauty solution which includes buying accessories, footwear, and clothes as well as beauty products, which is an extension of fashion.
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