Nykaa has been the answer to a question prominent in both men’s and women’s lives. “Where to find the best deals for beauty and Skincare?”
While beauty is perspective and personal, the right lipstick shade for women and the right fragrance for men can make both happy.
Despite the frightening pandemic still on the loose, the lock down has seen this brand getting bigger and better with every passing day.
The brand started out as an e-commerce company in 2012 shattered many boundaries and makes new very often reaching new heights.
Initiated solely with an e-commerce platform selling multi-body care and beauty products, Nykaa now has retail stores throughout the metropolitan cities across India. The brand is known to have most of your products under one roof with products ranging from affordable to luxury.
People behind Nykaa
Falguni Nayar started her career as an employee in the investment department at Kotak Mahindra right after she graduated. An Alumna of the IIM Ahmedabad, this MBA graduate became the MD of the same bank in 05.
Despite having a stable and steady growing career in the banking sector, Nayar decided to try out other ventures after 18 years.
She used the fear and doubt of people regarding trusting e-commerce platforms and took a trip around the then-neglected sector of online beauty.
With a hope to score with passionate Indian women, this beauty enthusiast formed Nykaa in 2012. She targeted women’s personal grooming because it was far behind other countries.
Nykaa initially was just an online platform selling personal grooming products for women, but now has adopted the business strategy of growing roots out by investing in retail and men’s personal grooming range.
Along with her husband, Sanjay Nayar, Falguni set out on an adventure to lessen the difference and unavailability in the beauty sector in India.
Business Strategy and Growth
Unlike other big e-commerce platforms, Nykaa purchases all products from more than 150 brands before listing them out to their customers.
This prevents them from selling any forgery and also helps them in putting all their products under one roof.
The lack of any third-party seller decreases the chances of a bad service reputation because every product is a quality check to avoid duplicates or fakes.
Nykaa is reported to have around 5 million active consumers and around 70 stores across India with over 500 active brands at present on the app.
It has investors including Steadview Capital, TPG Growth, and Lighthouse funds. Presently, celebrities are also investing amounts in Nykaa.
What made Nykaa a success?
Nykaa activated that sector of the industry that was least explored, i.e beauty. Back then, women had to go through every brand’s official site to buy beauty products.
But Nykaa made that flexible by putting most products under one site. While most businesses stick to the initial business strategy plans, Nykaa branched out to other channels building a step for themselves.
Nykaa now deals with travel needs, home products, men’s grooming, men’s and women’s fashion, and the latest, intimate wear collection. While Nykaa has launched 5 physical shops called Nykaa Luxe, selling luxury makeup across India.
Nykaa promises to expand its business and make a stronger hold for itself in the future. Their personal brand is getting updated with fresh collections, which marks their originality.
The soon to be a billion dollar company has seen an recovery in sales of 90% since the pre-covid times. To conclude with fairness, Nykaa has got potential to make even bigger headlines in the future.