, India
171 views
Photo by Sora Shimazaki via Pexels

Flipkart invests $54m in Myntra to fuel India's fashion e-commerce boom

Fashion spending in India is projected to increase by 13.4% YoY in 2024.

Indian e-commerce giant Flipkart invested $54m into Myntra, its fashion e-commerce subsidiary, BMI reported.

The move, announced on 5 March, follows Flipkart's previous investment of $105m in March 2023. Additionally, it came after Walmart, Flipkart's largest shareholder, announced an additional $600m into its Indian investments.

“India is seeing steady growth in consumer spending, particularly fashion and beauty products e-commerce which is supported by growing income levels and urbanisation which feeds into greater domestic consumer consumption,” the report noted.

According to market forecasts, fashion spending in India is projected to increase by 13.4% year-on-year (YoY) in 2024, reaching a total of $165b. The growth momentum is expected to persist over the next five years, with an average annual growth rate of 9.5%, culminating in a total expenditure of $229.4b by 2028.

ALSO READ: Mobile and digital wallets surpass traditional payments in India's e-commerce

Myntra's strategic restructuring, prioritising private labels over in-house brands, has fueled growth in the beauty products segment. 

The personal care sector is also projected to grow by 19.3% YoY in 2024, reaching $30.5b, and is expected to maintain strong growth, reaching $42.5b by 2028.

By 2024, urbanised consumers are expected to make up 36.9% of the total population, rising to 52.8% by 2050, creating a significant market for fashion e-commerce players.
 

Swarovski menguasai TikTok untuk perluas skala luxury di kalangan Gen Z

Produsen Kristal asal Austria ini bekerja sama dengan influencer untuk menjangkau pasar Singapura.

Dear Me Beauty berencana membuka flagship store

Store ini dapat menjadi fondasi bagi pertumbuhan pasar yang lebih luas.

Kawan Lama Indonesia mengaburkan batas antara belanja online dan offline

Pengunjung  platform e-commerce grup, Ruparupa.

Mal-mal di Filipina menarik pengunjung dengan pengalaman liburan yang lengkap

Pengunjung diperkirakan akan datang setelah jam kantor hingga larut malam.

Urban Revivo membuka cabang terbesar di Bangkok

Peritel fast fashion asal Cina ini membuka toko seluas 3.

Samsonite memanfaatkan data untuk tingkatkan penjualan

Produsen koper asal AS ini meningkatkan saluran daring untuk mendorong pendapatan di Asia Tenggara.

Belanja hyper-personalisasi jadi tren utama di Asia Tenggara

Data dan analitik memungkinkan brand mengoptimalkan pengalaman shopper baik secara daring maupun di toko fisik.

SSI Group meningkatkan investasi dalam ritel terpadu

Perusahaan yang menaungi brand-brand seperti Hermes dan Cartier ini sedang menyempurnakan omnichannelnya.

Peritel Asia-Pasifik manfaatkan subscriber untuk dorong pertumbuhan

Subscription menjadi sumber pendapatan yang stabil selama masa penurunan ekonomi.