The name Nykaa is well known among those who shop for branded cosmetics and personal grooming products. Its Founder, Falguni Nayar, who wanted to set up the Indian version of Sephora, is now looking at building Nykaa into a complete lifestyle brand for Indian women, and her first step towards that was starting Nykaa Fashion last year. Nayar believes there is immense potential in offering good quality fashion solutions as opposed to discounted fashion, which most online brands do.
"We realised that the consumer wanted well styled clothes but the online brands are focussing more on price; only discounted products are being discovered," she says. Nayar also wants to bring in an element of personalisation where artificial intelligence will be able to guide a consumer.
"The way technology is moving, we feel confident that we will be able to address this problem of discovery."
The last one year also saw the launch of a separate app for men's grooming products, Nykaa Men. Already EBITDA positive, Nayar hopes that her Rs 1,240 crore business - which she says grew 116 per cent last year (FY19) - would turn profit positive this year.