Nykaa Plans to Open 200 Offline Stores by 2022
Opportunity India Desk
Oct 15, 2018 -
2 min read
Nykaa, one of the renowned e-commerce brand in the beauty products category is expecting to add 100% revenue growth in FY2018-19 with an aim to increase the offline footprint to 180-200 Nykaa stores in the next 4-5 years.
The brand has recently launched NykaaMan.com, e-commerce site for men grooming products and is planning to run exclusive beauty studios.
Falguni Nayar, Founder & CEO, Nykaa.com, says, “I once walked into a Sephora store and was amazed by the profusion of brands, the beautiful displays and the women behind counters who offered advice, sold beauty products and helped women discover a whole new side to themselves. This and other exposures to multi-brand online retail made me realize there was such a huge gap in India with a severe dearth of good multi-brand retail experiences in the beauty and wellness space. I saw the need for a multi-brand retail format that gives unbiased advice to consumers, being able to guide them on the right products for their beauty and health concerns. It was a risk I was willing to take but, I am happy to say that they have been well-received by our customers.”
Adwaita Nayar, Head-Retail, Nykaa.com says, “We started as a multi-brand player with 500 brands on-board. And at that time, there was no other like us. It was not so tough to attract customers and make them shop from Nykaa.com, but at the end of the day, our private label is an incremental value adds for our customer. We will never push only our private label and we continue to be a multi-brand retailer. Currently, our private label business contributes less than 10 percent to the overall revenue."
Adwaita says, "I think offline will eventually contribute about 15-20 percent of the whole business but online will remain the main focus."
Falguni adds, "We have set a target of growing by 100 percent our revenue to about Rs 1,100 crore in the current financial year."
