MYNTRA READY TO FACE NYKAA IN BEAUTY SEGMENT

NEW DELHI: Walmart-backed online fashion store Myntra has ramped up its beauty and personal care portfolio with a clutch of premium brands as it takes on bigger rival e-tailer Nykaa for a larger share of the fashion and beauty market.

Pricey products from Benefit, Bath & Body Works, Smashbox and Minimalist are on offer, as Myntra sets out to double its beauty and personal care offerings by the end of this fiscal year.

The category could be among the top five of a dozen retailed by the marketplace by the end of the year. For the year 2019-20, the company reported a 58% jump in revenue at ₹1,719 crore, according to business intelligence platform Tofler.

But Nykaa leads in market share by a distance. With sales of $250 million in FY20, Nykaa accounts for over 30% of the online beauty and personal care market, Jefferies said in its note.

In the last 12 months, Myntra, which is largely known for selling branded apparel, has added over 100 brands to its BPC collection to offer 500 brands. It has built a better catalogue and technology since early 2021 to support the category.

It recently added high-end American cosmetics brand Benefit and listed Smashbox’s pricey makeup products.

The move signifies how e-commerce verticals, which typically sell particular categories, are now broadening their offerings as the pandemic drives more shoppers online.