MYNTRA BEAUTY BUSINESS ALL SET TO SIGN 50 NEW INTERNATIONAL BRANDS IN 2024.
Flipkart-backed online fashion portal Myntra is set to expand offerings under its beauty portfolio, adding over 50 international brands this year as it capitalises on growing demand for such products.
Myntra has been beefing up its beauty offerings over the last two years: the category is now the fastest growing within the online retailer’s portfolio. Beauty offerings have grown three-fold since 2020.
It now hopes that 75% of the women shoppers on its app will try out the beauty section or buy beauty products over the next 12 months, said Nandita Sinha, chief executive officer, Myntra.
“We are very confident that by the end of this year, we will reach to 75% of women customers interacting or buying beauty from us on the platform and that has been a concerted two-year effort," Sinha told Mint in an interview on Friday.
Myntra Beauty houses over 1,400 beauty brands such as Etude House, L’Oréal Paris, Smashbox, MAC, Clinique, Estée Lauder, Bobbi Brown, Tony Moly, Anomaly and Max Factor, among others. The retailer sells categories such as coloured cosmetics, foundation, specialised hair oils, shampoo, face care etc.
The move marks further competition in India’s beauty and personal care market, especially on the retail side where companies such as Nykaa, Reliance Retail and Tata Group are all participating in India’s organised beauty retail market. India’s beauty market is set to touch $26 billion by 2025, of this $6 to $7 billion will be captured online.
For Myntra, large metros and tier-1 cities account for 55% of overall beauty orders.
“We are seeing consumers adopting make-up at an early age, late teens or early-job goers. We are also seeing demand for products which are very diverse and very new to the Indian market like eyebrow palettes, lip-plumpers or setting sprays. Even tier-2 customers are actually picking up products like foundation, face serums, body sprays, hair colours. The consumption is increasing because new need states are being adopted by more and more customers," Sinha said.
Credit:Mint Publication
Edited for Sanda Brands