‘Think big, but start small’
These words by Falguni Nayar, CEO of Nykaa, will mesmerize anyone with Nykaa. Nykaa was founded in 2012 and the idea came to her when she began to feel confident and inspired to be guided by the best way to use beauty products and to be told which products are right to use. The brand name Nykaa is derived from the Sanskrit word nayaka, meaning ‘one in the spotlight’. The brand color was chosen very carefully because it is particularly for ladies and the red and pink color will perfectly represent the flaws and vibrancy of a modern female. There are 1,30,000 items from 1300+ selected labels that are sold online by Nykaa.
Nykaa-the reinforcement of inner attractiveness
Nykaa is predominantly an e-commerce website selling beauty and health products from all the leading brands, including Lakmé, Kaya Skin Clinic, L’Oréal Paris, etc. It has an offline presence in 17 shops and is growing. It has over 850+ curated brands and 35,000 products. The brand focuses mainly on women’s empowerment and offers women fantastic career opportunities. The company had a 78 percent growth rate in the year 2019. In separate forums, websites, blogs, etc, they market their goods online.
They partnered with Femina to host the ‘Nykaa.com’ to achieve traction, which is now very successful and known by many for its proper functioning and communication with its clients. Over the last seven years, their marketing and content plan has already been developed and it is still solid. It is also one of the nation’s biggest omnichannel beauty players. Nykaa has grown by around 350 percent, and they will expand by another 300 percent this year onwards. Today they run at around 600 crore run rate and have very ambitious milestones they are guaranteed to accomplish. Nykaa now stands as a one-stop solution to all a woman wants, whether it’s feminine grooming or luxurious cosmetics, it provides it with all.
Nykaa- First Love of Women
Nykaa is a company that specialises in multi-beauty and personal care goods based in India. Originally, the company was developed as a single medium for e-commerce before it later started setting up separate retail outlets in several metropolitan cities across the country. The company specialises in facilitating a comprehensive selection of makeup, skincare, haircare, fragrances, bath and body, luxury and health goods for both women and men. In addition to women’s beauty, the platform also has a variety of men’s grooming pieces listed on the website and app of Nykaa Man and also on the Nykaa Network, which is an online beauty enthusiast community. In 2012, Nykaa entered into the market solely focused on beauty and fashion-based products while other large players like Amazon, Flipkart, Snapdeal, Shopclues targets large varieties of goods. At present, the 200-crore-plus empire employs 230 people and is eyeing a ₹300 crore turnover.
Nykaa raised Rs 66.64 crore from its new lender Steadview Capital in its most recent leading raised financing in May 2020. The platform was priced by this funding round at $1.2 billion.
Via its latest $13 million investment from current investor Steadview Finance, Nykaa marked its location in the unicorn group. Over 10 rounds, Nykaa raised a total of $145.9M in support. In FY19, Nykaa’s income is projected to be around Rs. 1,159.32 crore. What’s interesting about this statistic is that Nykaa had a loss of Rs.. 17.7 crores a year earlier; it came back with toughness and reached the valuation of Rs. 2.3 crores as a profit very fast! The team follows the concept of the Company Inventory Model within the offline business model. The products are made and held in warehouses. They get the goods directly from cosmetics suppliers. The team companies market their beauty and health products in the online format, by offering a fair commission rate for luxury-specific components.
Growing and glowing
The Nykaa network has come a long way from the time of its founding in 2012 to today, playing a parallel role in the growth of the beauty industry. Nykaa has more than 5 million active users every month, 70 stores across India and over 500 brands and 130,000 items are accessible via its website, app and stores. Nykaa won the 2019 Indian Retail Champion Awards as an “Emerging Retailer of the Year”. Nykaa has recently launched several new items that have celebrity endorsements as well. Also, to feature in their brand, they have incorporated different new collections. The platform has a wide range of grand plans ahead to mark the beauty and fashion industry and has been focusing on escorting quality products and services to the users at suitable rates. The platform shows a great degree of promise towards expanding and gaining an even further dominant position in the future.
While elegance lies in the beholder’s eyes, its appeal has never been lost to the global beauty industry. The industry has also garnered a stream of loyal customers over decades, amid its steady growth. What girl is not fond of using cosmetics? Cosmetics play an integral part in all our lives, from practicing make-up tutorials, playing on idle days with various colors, embellishing ourselves before a wedding or a party, or just throwing on a simple light layer before work. But the days where people were expected to physically attend cosmetic shops are long gone. Why should brick-and-mortar stores be the only option when we now have online stores for cosmetics which allow customers to order items at any time and anyplace.