Trendyol is now the fastest-growing brand and among the top-selling international women’s western wear brands on Myntra, and on a monthly run rate trajectory of achieving Rs100-150 crore for the year, they said.
“The brand sees India as an important market and is looking at strengthening its brand recall in the country, in addition to rapid catalogue expansion and access to premium customers across the country. The brand has had a successful run with Myntra so far and would like to focus on just one partner for expansion,” one of the sources said.
The biggest Turkish ecommerce firm, which entered India with its private label fashion apparel has been selling across all the three platforms. While Myntra, Trendyol and Reliance did not respond, Nykaa declined to comment.
A Trendyol spokesperson said they have sold on platforms such as Reliance Ajio in the past but don’t have a wholesale agreement with them, which doesn’t qualify as a delisting from the other platforms.
As an online marketplace in Turkey, Trendyol lists other fashion and lifestyle brands as well as its own private labels.
Founded in 2010, Trendyol ranks as Turkey’s largest ecommerce company, and became a decacorn when it raised $1.5 billion from General Atlantic, SoftBank Vision Fund 2, Princeville Capital and sovereign wealth funds, ADQ (UAE) and Qatar Investment Authority co-led the round.
“The brand can leverage Myntra’s in-house technology Beyond Borders programme that enables brands to unlock access to all its global styles in India,” said the official quoted above.
With 420 global brands in its portfolio, Flipkart’s fashion arm gets about a quarter of its revenue from international brands.
Top global apparel and fast fashion brands such as Zara, H&M, Levi’s and Uniqlo have struck a strong chord with young Indian customers, racking up sales growth in a 40-60% band in FY23, bucking the market trend where demand for discretionary products slowed down. With 75 million new app users in 2023, Myntra posted record customer growth even as the overall fashion retail segment has been struggling with a demand slowdown since January last year due to inflationary headwinds.
India’s online fashion market overall is expected to reach about $35 billion by FY28, growing at a compounded annual growth rate (CAGR) of 25% since 2023, according to management consulting firm Bain & Company.