Myntra’s makeover: How the fashion giant bucked a sector-wide slowdown to turn a profit

The past 18 months have been difficult for India’s fashion and apparel industry. Reliance Retail, the country’s largest retailer, saw a 3.5% fall in its earnings for the quarter ended September 2024 due to weak demand in the lifestyle and fashion business. 

Leading fashion retailers have also struggled. In the year ended March 2024 (FY24), Zara and H&M posted revenue increases of 8% and 4%, respectively, while Benetton saw a drop in sales. This stands in sharp contrast to the fiscal year prior, where most brands saw sales grow between 40-60%.

Amid this environment, Myntra’s FY24 results were a welcome surprise. Though its revenue jumped just 15%—a marked slowdown from the 28% revenue growth it enjoyed in FY23—the company registered a Rs 30 crore profit on revenues of Rs 5121.8 crore. Not only was this Myntra’s first-ever profitable year, but it also marked a stunning turnaround from its FY23 loss of Rs 782 crore.