Myntra hopeful on beauty and personal care; to compete with Nykaa, others

• ByAyushi Ray     |    October 6, 2021

Myntra hopeful on beauty and personal care; to compete with Nykaa, others. The Flipkart-owned ecommerce platform plans on adding 1,000 brands by the end of this year — up from 650 brands currently selling on its platform. “Myntra has a very captive customer base, and 55 percent are women. They like to browse clothes on the platform rather than just search and buy quickly. People also browse many cosmetic products before buying any product. So extending into beauty made clear sense,” Ayyappan Rajagopal, Chief Business Officer, Myntra told YourStory in an interaction. Before the pandemic, Myntra was catered majorly to metros and Tier-I cities. “But during the lockdowns, Tier-II and Tier-III towns also started scaling,” says Ayyappan. And while clothing could have style and pricing issues, with preference tilting towards work-from-home and comfort wear, cosmetics and skincare products have seen a growth in demand throughout lockdowns.

Omnichannel cosmetic brand SUGAR Cosmetics generated Rs 100 crore in revenue in FY20 due to the surge in makeup purchases through digital channels. The direct-to-consumer (D2C) industry saw major growth during the pandemic. Bored at-home consumers had no choice but to jump online for their entertainment, shopping and educational needs — brand discovery increased, accelerating new brand adoption. Despite the pandemic-led uncertainties, there were about 52 investment deals during 2020, adding up to $376.18 million. However, the current year has seen a major investor rush to back D2C startups. According to YourStory Research, over 82 funding deals have happened until September 2021, which are worth $1.26 billion in funding. 

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