Myntra is winning, and it isn't close. 51.79% of its fashion buyers ordered more than once in Q1 2026, up from 48.65% a year ago. Ajio sits at 31.77%, almost exactly where it was in Q1 2025. A 20-point gap that grew wider while one side stood still.
9.1
The frequency numbers explain why this isn't noise. Myntra's buyers placed more orders every single month of Q1 2026 than they did in the same month a year earlier. January, February, March, all higher. 1.79 against 1.73, 1.78 against 1.64, 1.83 against 1.74. That's not a quarter where one good month rescues the average. It's three consecutive months pulling the same direction. Ajio's frequency moved too, but only just, from 1.49 to 1.54, with March alone (1.63) doing most of the lifting.
Here's where it gets genuinely interesting, though: Ajio's basket size jumped 61% year on year, from roughly INR 2,000 to INR 3,200. Myntra's basket grew a modest 7%, to about INR 1,800. So Ajio has the bigger spender. It also has a shrinking share of the two-platform pie, down from 34.54% to 27.62%, while Myntra's share rose by the exact same 6.92 points. Put plainly: Ajio is holding onto fewer buyers who each spend more, while Myntra is growing a wider, more habitual base at a lower basket size.
If you're a fashion brand choosing where to put retention budget next quarter, the math isn't subtle. A repeat rate climbing past 50%, frequency rising every month, and a growing share of the pie, that's three separate signals on Myntra all pointing the same way. Ajio's AOV story is real, but it's one good number fighting three bad ones.
Tags: Fashion · Ajio · Myntra · Q1 2026 · Consumer panel data · Repeat buyers
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