The move marks further competition in India's beauty and personal care market, especially in the retail sector where companies such as Nykaa, Reliance Retail and Tata Group are participating in India's organized beauty retail market. India's beauty market set to reach $26 billion by 2025, of which $6 to 7 billion will be achieved online
New Delhi: Flipkart-backed online fashion portal Myntra is set to expand offerings under its beauty portfolio by adding over 50 international brands this year as it gears up to capitalize on the growing demand for such products.
A top company executive said new buyers coming from smaller towns in India as well as people looking to broaden their repertoire of beauty products are driving demand for the category.
Myntra has been ramping up its beauty offerings over the last two years: the category is now the fastest growing in the online retailer's portfolio. Beauty offerings have tripled since 2020.
Myntra CEO Nandita Sinha said it now expects 75 per cent of women shoppers who shop on its app to try out the beauty section or buy beauty products in the next 12 months.
“We are very confident that by the end of this year, we will reach 75% female customers who are interacting with us or buying beauty from us,” Sinha said in an interview to Mint. Friday.
Myntra Beauty houses over 1,400 beauty brands such as Etude House, L'Oreal Paris, Smashbox, MAC, Clinique, Estee Lauder, Bobbi Brown, Tony Moly, Anomaly and Max Factor. The retailer sells categories such as color cosmetics, foundations, specialty hair oils, shampoos, face care, and more.
“We are at a critical crowd point where not only Indian brands but we are also attracting the attention of international brands, they want to partner with us,” he added.
It recently launched a campaign for its beauty range, with actor Anushka Sharma underlining her intention to grow the category.
While Sinha declined to share the category's contribution to the company's total sales, he said beauty is the fastest growing category for Myntra. "So it will continue to grow its share overall," he added.
The move marks further competition in India's beauty and personal care market, especially in the retail sector where companies such as Nykaa, Reliance Retail and Tata Group are participating in India's organized beauty retail market. India's beauty market is set to reach $26 billion by 2025, of which $6 to 7 billion will be achieved online.
For Myntra, major metros and tier-1 cities account for 55% of total beauty orders.
“We are seeing consumers adopting makeup at a younger age, late teens or early entrants. We are also seeing demand for products that are very diverse and very new to the Indian market such as eyebrow palettes, lip-plumpers or setting sprays. Even tier-2 customers are buying products like foundation, face serum, body spray, hair colour. Consumption is on the rise as new need states are being adopted by more and more customers," said Sinha.
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