In 2021, Falguni Nayar led Nykaa to an IPO and became India’s wealthiest self-made woman entrepreneur. But she is not resting on her laurels and is expanding fashion, beauty and other segments. In last one year (July 2021 to June 2022), Nykaa’s beauty business gross merchandise value (GMV) rose 49% to ₹4,999 crore. “We brought in more global brands like Ordinary, Charlotte Tilbury and Nudestix, and launched our first salon with Aveda,” says Nayar.
Nykaa’s fashion business, launched in 2018, reported a 168% rise in GMV to ₹1,751 crore. The segment attracted 1.6 million new customers who could access 4.3 million stock keeping units from 1,500-plus brands. Last financial year, the Mumbai-headquartered company reported revenue from operations of ₹3,774 crore, up from ₹2,441 crore a year ago, and profit of ₹41.3 crore, down from ₹61.6 crore a year before.
Nykaa has also bought a stake in skincare brand Dot & Key and a minority stake in clean beauty company Earth Rhythm. On the fashion side, Nykaa has acquired affordable activewear brand Kica and entered into a joint venture with Onesto Labs to create Nudge Wellness, a nutri-cosmetics edible beauty brand. On the digital front, it is experimenting with social commerce and virtual try-ons. Over the past year, it has grown its physical retail stores from 73 to 105. — Arnika Thakur