The cosmetic-to-fashion retailer is targeting 100 cities, adding 84 retail outlets it already operates in 40 cities, he added. “Due to the pandemic, the process of expanding the store had slowed down by a year or more,” Nair said in an interview. “But this year we have revived our store rollout.”
Although Nykaa operates largely as an online retail platform, selling everything from global cosmetic brands to jewellery, Nair said physical stores are targeting Indian consumers looking to buy touch-and-feel products. , which were an important part of the business.
E-commerce and Amazon.com Inc. in India’s $900 billion retail market. Despite the rapid development of the U.S., most buyers still buy products offline. Nykaa said it is targeting a sub-segment of that sector – the $70 billion beauty, personal care and fashion market.
Like many other retailers, Nykaa was hit by the pandemic as work-from-home rules decimated demand for office wear, cosmetics and footwear. company, which
had a great start On the stock exchanges of India last month,
96 per cent fall in profits in the three months ending 30 September.
But as the pandemic eases and India’s festive and wedding season approaches, things seem to be speeding up. “There is clearly a revival in makeup that was pre-pandemic,” Nair, 58, a former investment banker said in an interview on November 25.
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Nair attracted massive public attention last month when his company created
The beginning of a dazzling stock market With a valuation of $14 billion. Top private equity firms such as TPG and Fidelity and Bollywood actors Alia Bhatt and Katrina Kaif have financially backed FSN E-Commerce Ventures Ltd, which owns the Nykaa brand.
Nykaa, which sources many products from Europe, is also focusing on increasing exports of its private brands to the United Kingdom and the Middle East.
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Nevertheless, Nair said India remains a priority given the country’s massive development potential. Many Indians, Nair said, “are yet to buy their first watch, first car, first home – I think India is in a very different place than other developed economies.”