Singapore is Myntra’s first stop as the fashion e-retailer goes global

Fashion e-commerce company Myntra announced its global debut as it launched 'Myntra Global’ webapp for its Singapore customers Monday. The webapp aims to directly cater to the Indian diaspora in the country, shipping goods from India using third-party cross-border logistic service providers. 

As many as 100 select Indian fashion brands such as Aurelia, Global Desi, AND, Libas, Rustorange, Mochi, W, The Label Life, House of Pataudi, Chumbak, Anouk, Bombay Dyeing and Rare Rabbit, among others, will be now accessible to more than 6.5 lakh Indians living in Singapore through the 'Myntra Global' website.

Myntra's existing platform sees notable traction from Singapore, said CEO Nandita Sinha as she explained Myntra's international expansion. “We are also looking at opportunities that make Indian fashion relevant... We will be tapping into festivals, weddings, special occasions, etc, with our brand portfolio,” she said, adding that home decor is another big opportunity the company is looking to target. Sinha added that the global foray would provide the company steep learning and understand the product market fit.

The company stated that its current focus would be to ensure seamless cross-border selling to its Singapore clients and any expansion plans would only be looked at after getting to crack the code in Singapore.

In 2020, Myntra had experimented to tap into the large diaspora market in the UAE by partnering with Emaar's e-commerce platforms Noon and Namshi. Pointing out that while the UAE entry leveraged a partner’s platform and took only a handful of brands, Sinha said Myntra Global would be different as Indian brands will be cross shipped rather than merely selling the inventory on other platforms. 

The fashion e-commerce giant achieved operational profitability in FY24, turning around net losses worth ₹782 crore in FY23 to net profit of ₹30.9 crore within a year as the company slashed its advertising spends and the cost of material. At the same time, its logistics service vertical grew more than 20% in FY24, taking EBITDA margins to 2.7% from –16% in the previous year.