Myntra hosts Rising Stars D2C Summit to boost India`s beauty brand ecosystem
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In its commitment to provide impetus to made-in-India homegrown beauty and personal care brands Myntra recently hosted the first edition of one-of-its-kind ‘Myntra Rising Stars (MRS) Beauty Summit’.
The last few years have witnessed the transformative journey of the beauty industry in the country with the emergence of hundreds of homegrown brands catering to the evolving beauty needs of customers through differentiated offerings.
Bringing this thriving ecosystem together, the MRS Beauty Summit celebrated the entrepreneurial spirit of the brands with some notable names including Innovist, Honasa Consumer Limited, Mcaffeine, Hyphen, Minimalist, SUGAR, Bombay Shaving Company, Foxtale, Pilgrim, Deconstruct, and FAE Beauty among many others.
“As Myntra steps into its 18th year, we stand committed to building fashion and beauty for the country. Our journey is powered by the love of 70 million monthly active customers and the trust of over 9700 brands. Today, we stand at the cusp of a transformative era, as the beauty landscape in India is set to witness its next phase of growth and the homegrown D2C beauty and personal care brands will play a pivotal role in taking the industry forward,” said Sharon Pais, Chief Business Officer, Myntra.
“Through Myntra Rising Stars, we aim to provide a platform for their unique propositions to reach millions of customers across the country in the most seamless manner,” Pais added.
The Myntra Rising Stars Beauty Summit 2024 also provided a platform for insightful discussions and fireside chats, including a knowledge session by Shyam Unnikrishnan, Partner, Bain & Co., who presented a detailed analysis of the evolution of India’s beauty landscape.
He highlighted that the $21-23 billion Indian beauty and personal care market is rapidly transforming, and premiumising, with online sales set to triple to $10 billion in the next five years, creating massive opportunities for insurgent and D2C brands to lead innovation and capture evolving consumer demand.
Nandita Sinha, CEO of Myntra engaged Ghazal Alagh, Co-Founder of Honasa Consumer Limited in a fireside conversation and highlighted the rise in the adoption of I-Beauty in the country and also how Indian entrepreneurs are making strides in creating world-class products, leveraging the country’s rich legacy of ingredient-based solutions, for the diverse consumers of the country and possibly for the world.
Key highlights of the summit included the three-panel discussions bringing insights from the various facets of the industry.
Panel titled India’s Beauty Industry: Cracking the Code, featured Sujata Assomul, Journalist & Author, Karishma Kewalramni, Founder FAE Beauty, Rohit Chawla, Founder, Innovist, Bare Anatomy, Chemist at Play, SunScoop, Vaishali Gupta, Co-founder, and Chief Growth Officer at Mcaffeine and Hyphen and Romita Mazumdar, Founder, and CEO of Foxtale.
The panel delved into solutions for overcoming challenges in the internet beauty space, exploring topics such as leveraging AI for customer personalisation, tapping into tier-II and tier-III markets, and aligning products with the growing demand for conscious beauty.
