Nykaa.com is an online luxury beauty retailer founded by investment banker-turned entrepreneur Falguni Nayar.Nykaa began because Nayar herself felt empowered when she visited multi-brand beauty stores like Sephora.she realised India lacked such stores. “There was no multi-brand retail store for beauty products in India. I decided to replicate the internationally successful models here,” she says.
Today Nykaa is one of the strongest players in the e-commerce space and specially so when it is catering to a niche category unlike other portals who have a multi-category offering.
Nykaa.com anticipates a growth of 10X in luxury beauty sales with increasing demand among consumers for prestige beauty products was announced by Falguni Nayar.This November Nykaa introduced international luxury brandsClinique and Estée Lauder on its Nykaa Luxe platform, which features a range of international and Indian luxury beauty brands. This will follow with the launch of M.A.Cand Bobbi Brown, also past of the Estee Lauder Companies Inc. in the next two months.
Product demand suggests that customer’s picks have evolved beyond the basics of lipsticks and kajals, to more sophisticated beauty products like eyebrow mascaras, primers, dry shampoos etc. The evolution of such product choices rests on the two principles of Nykaa to provide the best of curation of beauty products and a robust content offering to help make these choices. To gain more information on the products, customers can browse through DIY videos, reviews and expert recommendations and make an informed pick. This DecemberNykaa will further enrich its product offering with the launch of leading K-beauty brandInnisfree.
‘Through the last four years, we’ve seen our customers become extremely savvy in their beauty picks. Interestingly, it’s not only the urban consumer who have become more demanding – we see orders coming in from many smaller towns for products like the Toni & Guy Sea Salt Texturizing Spray, or the NYX Pore Refiner or the Corioliss heated hot brush. Our customers trust our offer and are not afraid to make the extra investment in their beauty regime’, says Falguni Nayar, founder & CEO Nykaa.com.
Hosted within the Nykaa.com site, the Nykaa Luxe section offers a unique experience, both with design and content. In order to give customers an in depth understanding of the products, the store also hosts ‘Luxe Letters’ a blog featuring weekly inputs from industry leaders and experts.
Nykaa has seen a 3.5X growth over the past year, and is currently on a net revenue run rate in excess of INR 250 crores. In September 2016, the multi-brand portal raised INR 82.5 crore as part of its Series C funding through private equity and family offices of India’s corporate CEOs – the key players being Sunil Kant Munjal, Chairman, Hero Corporate Service P Ltd., Family Office of Harsh Mariwala and TVS Shriram Growth Fund.