Who doesn’t know the name “Nykaa Fashion” when it comes to girl’s beauty and fashion? Nykaa has expanded across India and has a wide range of products to attract everyone to use their services. But do we know who’s behind it and how this company was started?
Yeah, in this post, we’ll discuss Nykaa’s startup journey and business structure, and I hope you enjoy it. Have a wonderful experience.
Table of Contents
Nykaa Fashion- All About Brand
Nykaa is a cosmetics retailer that offers products both online and in stores. It exclusively serves the Indian subcontinent. It offers a diverse selection of health and beauty goods. The name ‘Nykaa’ comes from the Sanskrit word ‘nayaka,’ which means ‘one who stands out.’
Falguni Nayar started Nykaa, an Indian lifestyle shop of beauty, health, and fashion items, in 2012. The firm transitioned from an online-only to an omnichannel approach in 2015 and began offering items other than cosmetics. It will sell over 2,000 brands and 200,000 goods on its platforms by 2020.
Nykaa offers a variety of e-commerce channels, including websites and mobile apps, as well as 76 physical locations. It is a unicorn company with a valuation of $85 billion (US$1.2 billion) as of 2020.
Nykaa Fashion- How Nykaa started?
Nykaa was established in 2012 by Falguni Nayar, a previous managing director of Kotak Mahindra Capital Company. It started as an e-commerce platform that offered a collection of beauty and wellness products. Nykaa is coming from the Sanskrit word nayaka, which means “one in the spotlight.”
In the year 2012, the company began its adventure. It began as an internet-based company. However, in the ensuing years, it transitioned to an omnichannel approach. It is located in Mumbai and has about 46 locations across India.
Women often work long hours, beginning before daybreak and finishing at dark. As a result, personal grooming is critical. That is why this company was founded years ago to make all ordinary ladies remarkable in every way.
The company transitioned from an online-only to an omnichannel approach in 2015 and started selling clothing and accessories.
Nykaa man, India’s first multi-brand online store for men’s grooming, was established in 2018. Nykaa Design Studio, which was later renamed Nykaa Fashion, was the company’s first venture into the fashion industry.
Nykaa released Nykaa PRO in 2020. It’s a premium membership program that gives Nykaa App users exclusive access to professional beauty products and services.
Nykaa fashion- Founder & Team
Nykaa Fashion- Slogan & Logo
‘Your Beauty, Our Passion’ is the company’s tagline. Nykaa and Peanut Butter collaborated on a campaign with another slogan: ‘Beauty Anytime, Anywhere.’
The brand color was picked with consideration since it is mostly for women, and red and pink would ideally express a modern girl’s flaws and vitality.
Nykaa Fashion- What Marketing Strategy does Nykaa use?
The promotion of this company’s beauty and wellness goods is its marketing strategy. They promote their items on numerous pages, websites, blogs, and other online platforms.
To achieve success, they teamed up with Femina to host the website ‘Nykaa.com,’ which is now well-known for its efficient operation and customer service. Their marketing and content strategy has been in place for seven years and is quite powerful. As a result, it is one of the country’s largest omnichannel beauty players.
Nykaa Fashion- What Business Model does Nykaa Have?
The name ‘Nykaa’ is well-known among fathers, spouses, boyfriends, and attractive females. Didn’t you ever consider how things are going? Who are the brains behind the game that is now being played? This is something I’ll tell you today!
It mostly sells high-end cosmetics such as Lakme, MAC, and others. As a result, in such instances, the commission is likewise raised. Cosmetics, as you are all aware, have a very high profit margin. As a result, it is a lucrative enterprise. The business has elevated the whole thing to a new level!
Nykaa Fashion- What Nykaa’s Revenue Model is?
It promotes its website through digital marketing. Nykaa’s average cart size is between Rs.1250 and Rs.1550. Isn’t it reasonable? I believe it is. Users may shop for cosmetics, skincare, haircare, and perfumes on the site. The total income generated by operations was Rs.1159.32 crores.
The platform has its own unique model and uses an inventory-led strategy. Expenditure is growing at a rate that is more than double that of the previous fiscal year. The Mumbai-based online platform, on the other hand, almost turned out to be helpful and profitable for both itself and its customers.
Nykaa Fashion- Growth by age
The company grew at an annual rate of 78 percent in 2019. Over time, the growth rate of the online BPC store has slowed significantly. To compensate, the firm was able to get investment worth $14 million.
The Mumbai-based firm claims that its customers have aided in the establishment of its empire. In 2018, they stated that it had been a 12-year process for them and that development came slowly as they began to establish 35 locations across India.
Previously, the business was very interested in constructing TGP. However, the firm has recently completed its most recent round of funding.
Nykaa Fashion- Nykaa’s Future Plans
The company aims to increase its offline operations. It plans to establish 180 locations by 2024 to enhance its physical presence. Nykaa, a multi-brand beauty product firm, plans to extend its physical presence by building more than 180 locations throughout India, to increase its offline operations in the coming years.
Nykaa plans to go public at a valuation of over $3 billion by the end of next year early in 2022.
Nykaa Fashion- operation & Service they have?
Nykaa has warehouses in Mumbai, New Delhi, Pune, Haryana, Kolkata, and Bangalore, and operates on an inventory-based strategy. It will have 76 brick-and-mortar locations around the country by 2020, in addition to its core internet operation. It promises to have over 200,000 items from 2,000 different brands.
Nykaa Luxe, Nykaa On Trend, and Nykaa Beauty Kiosks are its three offline retail concepts. International premium beauty brands like Huda Beauty, MAC, Dior, and Givenchy, as well as Nykaa Beauty, an in beauty collection, are featured in the Luxe format.
Products are chosen by category based on their popularity in the Nykaa On Trend format. Nykaa is the only store in India that sells foreign cosmetics brands like e.l.f., Charlotte Tilbury, Tonymoly, Becca, Sigma, Limecrime, Dermalogica, and Murad.
Nykaa Fashion- Content Platform of Nykaa?
Nykaa TV, the company’s YouTube channel, also features beauty and fashion material. It has films about beauty, cosmetics, and style that are educational.
#BreakTheHashtag with Tapsee Pannu, #WhatMakesYourBeautiful with acid attack survivor and activist Laxmi Agarwal, Beauty in Her Story in partnership with Netflix, online series Tinderella, Khoja Mother’s Day film, and Rakshak are some of the company’s notable projects (a Raksha Bandhan film).
Throughout its Nykaa Network, it has been hosting an online community of beauty and fashion lovers since 2018. It will premiere The Beauty Bar, a web serial, in 2020. Beauty Book, a beauty and fashion magazine, is also hosted by Nykaa.
Nykaa Fashion- Application
You can easily download Nykaa’s official app & start shopping right now:
Nykaa Fashion- Customer Care
To file a complaint, call Nykaa’s customer service number at 1800-267-4444. Keep in mind that this service is only available during certain hours.
Email: support@nykaafashion.com
GRIEVANCE/NODAL OFFICER – CUSTOMER SERVICES Name: Mr. Nilesh Soni Email: grievanceofficer@nykaafashion.com