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Which beauty brand do fashion designer Masaba Gupta, Bollywood actress Katrina Kaif, and supermodel Gigi Hadid (of Victoria’s Secret fame) turn to in India? Forget the big cosmetic brands that are probably shuffling through the mind’s eye — it’s actually Nykaa.
Nykaa needs little introduction in the Indian context. Nearly everyone who has shopped online is familiar with the brand. And it’s become synonymous with beauty shopping in the country.
Nykaa is an India-based brand that specializes in multi-beauty and personal care products. It had been originally established as a sole e-commerce medium until it later began setting up various retail outlets in many metropolitan cities across the nation. Nykaa was founded by Falguni Nayar in 2012.
The brand specializes in facilitating an extensive collection of cosmetics, skincare, haircare, fragrances, bath and body, luxury as well as wellness products for both women and men. The platform facilitates suitably prepared and priced branded products, claiming to receive more than 1.5 million per month across India.
Claiming a 75% retention rate today and with over 1000 brand collaborations, the nine-year-old startup is not only the premier destination for beauty and wellness products in India but it’s also managed to enter the ultra-competitive, long-tail retail space.
“We have taken the call to be an omnichannel retailer because beauty is a category where physical trial is critical. We realized that if we want to sell premium products or even affordable products in categories like blush and foundations, color matching is very important. So we realized that in order to give our customers a really holistic beauty experience, we had to build a physical retail distribution,”
- Falguni Nayar, Founder and CEO of Nykaa
GROWTH of Nykaa
Nykaa currently boasts of having over 5 million monthly active users. Here's taking a look at some more growth highlights of the brand, as of October 2021:
Nykaa claims to have over 15 million registered users.
It has 70+ stores across India.
The company boasts of having over 500 brands.
Nykaa is packed with over 130,000 products that can be accessed from its website, through its app, or at its stores.
Nykaa has seen its tough days during the lockdown as a result of the outbreak of the coronavirus pandemic when the company witnessed a fall of up to 70% of its sales in April 2020. However, the company was swift in its reactions and listed all the essential items effectively to keep them in stock and removed all the other non-deliverable inventory.
Immediately afterward, the company started advancing its physical stores by leveraging the facility of its hyperlocal delivery.
Nykaa recovered fast from the ill effects of the COVD-19 pandemic and had already recovered by more than 90% from what it was during the pandemic outbreak towards the end of 2020.
The unicorn cosmetics and beauty products brand has witnessed a major shift of the consumers towards the essential categories, including personal skin and hair care items, and this is what helped it beef up faster than its rivals after the coronavirus onslaught. Furthermore, the company's shift from an online model to an omnichannel retail model also contributed a major hand to the same. All of these not only changed the customers' perception of the brand but also helped Nykaa gain audiences, whom it did not or perhaps could not target earlier.
Sources
Amazing blog...loved all that you shared. I hope that Nykaa grows more and more and reaches heights. Amazing content and very well written... Keep up the good work :)
Geat job 🤩Keep it up