In India, the fashion and beauty industry has enormous growth potential : Founder Falguni Nayar
Nykaa, based in Mumbai, has signed a partnership with three local brands: Earth Rhythm, Kica, and Onesto Labs Private Limited. Falguni Nayar, the founder and CEO of the cosmetics-to-fashion retailer, has stated that the company will soon begin operating offline Nykaa fashion stores as well.
At a media briefing in Mumbai to celebrate Nykaa's tenth anniversary, Nayar remarked that with the acquisition of these three companies, the total number of companies Nykaa has purchased has increased to eight.
Nykaa hopes to establish a new line of nutraceuticals and wellness products under Nudge Wellness Private Limited with Onesto Labs. Nykaa hopes to reach "the brand's potential and targets a rising marketplace that are committed to efficiency as well as the earth" via Earth Rhythm, which offers sustainable beauty products. Nykaa intends to expand its curation in the active-wear market by acquiring the Kica IP.
‘Creating next-gen brands’
Nykaa has been forming collaborations with local D2C firms with the hopes of boosting the early-stage fashion and wellness ecosystem and fostering the next generation of inclusive and sustainable brands.
"We are a cosmetics and fashion multi-brand retailer. For beauty and fashion, we want to enter into omnichannel. But, in addition, we want to create a consumer corporation with a large number of brands. I believe we are in the early stages of it. "It's the same thing in the fashion industry," Nayar added.
"So we may have ten more companies in our stable that work in fashion and cosmetics," she explained. "But they will all be distinct, and we will also have their position protecting the customer."
Nykaa has expanded its product categories since its start by launching online sites Nykaa Fashion, Nykaa Man, and Superstore. Nykaa's website and mobile apps provide a complete omnichannel e-commerce journey, with over 4,000 brands and 3.1 million product SKUs.
"India's entrepreneurial spirit has never been stronger," Nayar said, adding that "there is a spotlight on a generation of new-age founders who are working harder as part of chasing their ambition and living their passion."
Investing in emerging brands
"As a founder, I am a firm believer in the importance of an entrepreneur's vision in the success of a company. "At Nykaa, we want to be a little part of a revolution by assisting promising startup brands in their growth," she stated. In response to the current market volatility, Nayar stated that while it may be a short-term dampener, she feels the fashion and cosmetics industry in India has huge development potential.
"We've been stating that beyond Covid, we'd like to develop our offline retail channel," says the company. We're starting to experiment with a few locations this year, so there's a clear road to expand our store footprint in both beauty and fashion. "They will be more of our brands, not multi-brand retail," she continued.
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