Flipkart may be busy putting its house in order ahead of its 2026 public market debut, but sister company Myntra is quietly stealing the spotlight. In a market where most players are still bleeding cash, the fashion marketplace has turned into a profit machine.

In FY25, Myntra’s net profit rose nearly 18X year-on-year (YoY) driven by an 18% YoY rise in operating revenue, low cash burn and a deferred tax credit. In fact, it’s looking more and more like Flipkart could turn to Myntra for the profitable growth in the short term even as the main marketplace struggles.

But, there is also something else brewing behind its change of fates.

Myntra has been quietly rewriting its playbook. Instead of fighting tooth and nail in the low-value fashion segment, the ecommerce platform giant doubled down on something that does not pit it directly against the likes of Meesho, Nykaaa, AJIO, and even its parent, Flipkart.

The bet is paying off, and Myntra now commands a 19–20% share of the online fashion market, confirmed multiple industry experts Inc42 spoke with.

The consensus is that while Flipkart Fashion is bigger overall, thanks to its broader base, Myntra has successfully built a brand identity that stands on its own. And this matters more in the fashion space.

And, of course, the lacklustre competition, especially in the mid-premium segment, has practically rolled out the red carpet for Myntra’s rise. Reliance’s AJIO, Tata Clique, and Nykaa Fashion have fumbled to crack this segment, giving Myntra plenty of space to stretch its wings.

Now, before we dive into how Myntra is steering its ship, let’s catch up on the top stories from our newsroom this week:

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