Nykaa.com has been expanding its footprint offline.
With 21 brick-and-mortar stores retailing in the country today, the brand recently launched its flagship luxe store in Delhi at the Chanakya Mall by the DLF Group in Chanakyapuri.
Nykaa has grown into a brand with a number of exclusive beauty labels online since their launch in 2012 and aims to widen its reach with 80 pan-India stores by 2020, including tier 2 cities in India. “We want to open in the luxury malls in cities like Cochin, Bhopal, Thane, Bhubaneshwar this year. We will open the stores in two formats: Nykaa Luxe and Nykaa On Trend. The Luxe format houses all the luxury brands and On Trend stores offer a unique curatorial experience featuring bestselling products chosen from over 100 beauty brands,” informed Falguni Nayar, Founder & CEO, Nykaa.com
Nayar is determined to focus on customer choices and increase her customer base. “We want our customers to come online and offline, and most of the times, it’s our online customer going to an offline store to meet their requirement,” said Nayar.
For Nayar, there is no personal favourite. “Every brand has its strength. I like to pick up the best from different brands. Today, the customer is evolved and aware about good skincare and chooses five different products from five different brands,” feels Nair.
Quite aggressive in its strategy of going for exclusive partnerships with global brands, creating private labels, and having an offline presence, Nykaa has tied up with global beauty brands such as Wet n Wild, Huda Beauty and innisfree to bring their products to India.
Speaking about the beauty market in India, Nayar remembered the launch of her brand in 2012, when many brands in the industry were exiting the beauty business in India. “The growth was slow at that time but we bootstrapped the venture with personal funds and the journey has continued,” she smiles.
Talking about the technological innovations with omnichannel personalisation, Adwaita Nayar, CEO Retail, Nykaa, is introducing experiences and services like nail bars, hair bars in the near future. “We are working on an app for beauty advisors who would be trained and equipped to give personalised advice to customer on the basis of buying trends observed in the past few years. The idea is to offer a seamless experience both online and offline,” she said.
Luxury should be affordable and cater to the young millennial customers, hence, Nayar has introduced lots of beauty brand minis like Huda, Jo Malone in the store, to offer newness and variety.
Nykaa has also forayed into premium Indian designer wear with the launch of Nykaa Design Studio and NykaaMan.com, India’s first multi-brand e-commerce store dedicated to men’s grooming. The brand is now EBIDTA positive and has recently closed its series D investment round of Rs.165 crore through primary and secondary share sale with participation of existing investors earlier this year.