Myntra is set to start operations in Singapore & will initially focus on Indian ethnic wear

Walmart-owned fashion startup Myntra is set to launch operations in Singapore, where the company is headquartered.

Myntra going global

As reported by Moneycontrol, Myntra decided to go global after establishing a significant dominance in India’s $20 billion fashion market.

“Myntra is expected to go live in Singapore in the coming weeks and will majorly focus on Indian ethnic wear, among other categories, during the initial period,” a person aware of the developments told Moneycontrol.

The company has observed strong demand for Indian ethnic wear in Singapore, the person said.

Additionally, launching in Singapore is part of a larger global expansion plan at Myntra, another person in the know said.

Reportedly, the company is planning to launch in other countries as well, the names of which will be disclosed gradually.

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The fashion startup's current profits

Myntra’s decision to move outside India came after it turned profitable, generating a profit of Rs 31 crore in FY24, a sharp turnaround from a loss of Rs 782 crore in FY23.

Meanwhile, its revenues grew 15 per cent year-on-year (YOY) to Rs 5,122 crore in FY24, as reflected on regulatory filings.

Walmart-owned Myntra is India’s major fashion e-commerce player. Together with Flipkart Fashion, also owned by Walmart, it has a market share of over 50%, standing ahead of Nykaa Fashion, Ajio, Amazon, Meesho and others.

Both platforms are led by Myntra CEO and Flipkart Fashion head Nandita Sinha.

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