Currently, Nykaa is one of the top online stores for a wide range of beauty and personal care products in India. The company was founded by Falguni Nayar in 2012. This beauty e-commerce company is headquartered in Mumbai. The main vision of the company is to bring joy and inspiration to people, every day, everywhere. Also, the key mission of the company is to create a community where customers have access to an authentic assortment and finely curated products and services along with a premium quality shopping experience. As stated by Falguni Nayar “Retail is all about detail”.
Growth of the Business
Nykaa provides fashion, beauty, and wellness products across various online platforms along with 76 offline stores. In 2020, the company was valued at ₹85 billion which has made it one of the first unicorn start-ups in India led by an Indian woman, Falguni Nayar. As represented by an AFP report, the CEO of Nykaa, Falguni Nayar now comes under one of the wealthiest people in the world and it happened because of the current initial public offer of Nykaa that got listed during an ongoing IPO boom. With this success, Falguni Nayar became the richest self-made billionaire woman after the stocks of the company acknowledged stellar response at the Dalal Street, during it got enumerated at the markets. Falguni Nayar, with her successful business strategies, gained this position in the market and now she has joined six other Indian billionaires women in the Bloomberg Billionaires Index list.
At the age of 50, Falguni Nayar has started her journey with Nykaa and after getting launched in the market in 2012, after 9 years, Falguni Nayar has taken the business to its peak position in the market. In Nykaa, individuals will be able to find a wide range of products from unlimited brands and for diverse purposes. Nykaa includes domestic brands, luxury and prestige brands, international brands, niche and cult brands, premium brands, with an in-depth understanding of the customer demand and requirement. And Nykaa provides products based on makeup, skin, hair, appliances, personal care, natural, mom and baby care, health and wellness, men, and fragrance. Falguni Nayar started this business with a detailed focus on the different customer preferences. She has also introduced another subsidiary of Nykaa which is Nykaa Fashion. Unlike Nykaa, Nykaa Fashion mainly provides apparel such as a diverse range of clothing, footwear, bags, lingerie, sportswear, watches, and many more.
Considering the growth and success gained by Nykaa, it is quite clear that the mastermind behind it, Falguni Nayar made it all possible with efficient strategies and calculated steps for the business growth. According to her, four significant factors should be considered by any entrepreneur, such as having a detailed plan; taking many pieces of advice but also always trusting your guts; sometimes it is necessary to take risks to gain rewards and always focus on continuous growth and profitability.
Also Read: The Bold and Beautiful: Falguni Nayar