India is rapidly emerging as a crucial market for global brands, with a new report highlighting that over 90% of the top 50 global brands have established a presence in the country. According to the joint study by Bain & Company and Myntra, many of these brands generate more than $30 million in revenue from their Indian operations, underscoring India’s significance in the global market.
The report, titled ‘E-Styling India: Decoding India’s Online Fashion and Lifestyle Shopping Trends,’ reveals that in the past year alone, over 60 international brands have either launched or planned their entry into India. This includes a diverse range of brands across fashion, beauty, and luxury sectors. Myntra CEO Nandita Sinha emphasized that the online channel has been a key entry point for these brands, facilitated by Myntra’s extensive reach and deep understanding of the Indian market.
The study identifies several strategies that successful brands use to scale in India. These include offering a unique and relevant customer proposition, having an efficient sourcing system, and leveraging targeted social media and online campaigns. The Indian lifestyle market is currently valued at $130 billion, with fashion dominating at 80%. This market is projected to grow at a compound annual growth rate (CAGR) of 10%–12%, reaching $210 billion in the next five years.
The e-lifestyle sector is expected to expand significantly, from $16–$17 billion in 2023 to $40–$45 billion by 2028. Fashion is currently the dominant category, comprising 75% of the market, with accessories and women’s apparel anticipated to grow more rapidly. Beauty and personal care, which had a 16% penetration in 2023, is also expected to see increased growth.
A notable trend is the rise of trend-first fashion in India, driven by online platforms. This segment is set to grow eightfold, reaching $4–$5 billion by 2028. The online portion of trend-first fashion is expected to rise to 50%–55%, up from the current 30%–35%.
In 2023, over 175 million Indian consumers engaged in online lifestyle shopping, with 40%–45% of first-time e-commerce shoppers making lifestyle their initial purchase. These shoppers are increasingly frequent and engaged, with deep spenders visiting their preferred platforms daily and making over 25 purchases per year.
The report also highlights the growing influence of Gen-Z consumers, who, despite spending less per order, make up 25% of the e-lifestyle market with a $4 billion GMV. New-age brands are experiencing double the adoption rates among Gen-Z. To effectively attract this demographic, brands must offer trendy, affordable products, emphasize authenticity, and utilize technology and influencer marketing.
