Indian Women's Carts Have Gotten A Global Glow-Up, Says Nykaa's Adwaita Nayar
"When we started Nykaa, you could only find one or two lipsticks at our house and now things have obviously changed," Adwaita Nayar, chief executive officer of Nykaa Fashion, says.
Nykaa has seen the Indian women's carts go from a handful of familiar staples to a kaleidoscope of vibrant global brands. Nykaa, which began as a venture to fill a glaring void in India's beauty landscape, has blossomed into a sophisticated ecosystem, mirroring the changing tastes in beauty and fashion.
"When we started Nykaa, you could only find one or two lipsticks at our house and now things have obviously changed," Adwaita Nayar, chief executive officer of Nykaa Fashion and co-founder of Nykaa, says.
"At the beginning, what would sell was Kajals and bullet lipsticks. And today what sells is this but carts with also more vibrant products. The Indian woman's beauty cart has grown with sophistication. Sunscreens, serums, haircare and much more," said Nayar.
Building Vertical Businesses And Brand Building
Nykaa's strategic approach to market dominance involves nurturing distinct vertical businesses, each with meticulously crafted experiences and technology to cater to specific consumer needs.
"We feel that the company needs to have a fashion," Nayar emphasises, outlining the size of fashion market to be five times that of beauty. "We work for our five verticals with investments and commitment as I believe a business will take a while to grow," says the CEO. This commitment to specific experiences extends to their technological infrastructure as well.
"In beauty and fashion we are big believers of building verticals with separate experiences. The fashion vertical is all about shades while the beauty is about taking customers down a rabbit hole of seeing more and more products. Building technology for these specifically helps the business," she explained.
Growing Global Partnerships Like Chanel, NARS And YSL
Nykaa has seen the entrance of competitors but the company has built on its first-mover advantage.
"Competition has been there from 2015, but our business started about three years before they came in," Nayar said, noting their sustained market leadership. Their beauty business, in particular, has built an expansive assortment strategy.
"We have in the last year had exciting launches like Chanel, NARS, YSL, OLAPLEX and others. We have had so much growth bringing the world's best assortment to India," she said. These partnerships with global brands help bring the global assortment of products in the Indian cart.
The introduction of names like Charlotte Tilbury and a massive global portfolio has put focus on curation and accessibility to a wider range of products.
Looking ahead, apart from global collaborations, Nykaa is also "embracing AI to offer a far more personalised customer experience," added Nayar.
