Nykaa is the solution to a popular question for both genders of lives. “Where can I find the most effective deals for skin care and beauty?”
Beauty is a matter of perspective and personal, choosing the perfect lipstick color for ladies as well as the appropriate scent for men can make them both satisfied.
Despite the terrifying pandemic that is at risk the lockdown has seen this brand grow larger and more effective with each increasing day.
The brand began as an e-commerce business in 2012 and has since shattered many barriers and is constantly making new records.
The company was initially founded as an online platform that sells multi-body skincare and cosmetics, Naykaa is now a retail store throughout major cities in India. The company is known for having the majority of your items in one place, with items that range from budget-friendly to luxurious.
People behind Nykaa
Falguni Nayyar began working as an intern at the investment department of Kotak Mahindra right after she completed her degree. An alumna of IIM Ahmdabad the MBA graduated was appointed the head of that bank in the year 2005.
Despite having a steady and steady growth profession in the banking industry, Nayar decided to try other business ventures after just 18 years.
She tapped into the fear and doubts of the public about trusting online shopping platforms and toured the formerly neglected area in online shopping for beauty.
In the hope of gaining traction with enthusiastic Indian women the beauty lover founded Nykaa in the year 2012. She focused on women’s personal grooming since it was way from the other nations.
Nykaa initially was an online store selling products for personal grooming for women. However, it has since implemented a business plan of expanding its roots and investing in both the retail and personal grooming line.
Together with her husband Sanjay Nayar, Falguni set off on an adventure to decrease the disparity and inaccessibility of beauty services in India.
Strategy and Growth for Business Strategy and Growth
As opposed to other online marketplaces, Nykaa purchases every item from more than 150 brands before presenting the items for sale to customers.
They are able to avoid selling counterfeit products and aids them in keeping all their items together under one umbrella.
The absence of any third-party seller reduces the chance of a bad reputation because each product goes through an inspection to ensure that there are no counterfeits or duplicates.
Nykaa has been believed to have about 5 million active users and approximately 70 stores in India with more than 500 brands currently active in the application.
It has investors that include Steadview Capital, TPG Growth as well as Lighthouse funds. In the present, celebrities are investing large amounts in Nykaa..
What was it that made Nykaa an instant success?
Nykaa enabled that segment of the business that was not explored as much, i.e beauty. At the time women had to browse through each brand’s official website to purchase beauty products.
However, Nykaa has made it more flexible by putting all their products on one site. Although most companies stick to the original business plans, Nykaa branched into other channels and took their own path.
Nykaa currently focuses on items for the home, travel Men’s grooming clothing for women and men and the most recent intimate collection of clothing. In addition, Nykaa has introduced five physical stores, named Nykaa Luxe that sells luxurious makeup in India.
Nykaa will grow its operations and establish its mark on the market in the coming years. The brand they own is being refreshed with new collections and a unique style that reflects their individuality.
The soon to become a billion-dollar company has experienced an increase in sales of 90% from pre-covid era. To sum up, Nykaa has the potential to create greater headlines in the coming years.