Fashion and beauty retailer 'Nykaa' aims to have 300 stores
03 December 2021, Mumbai:
Nykaa plans to have 300 brick-and-mortar stores in India in 100 cities. As of now, the cosmetics-to-fashion retailer operates 84 retail outlets in 40 cities. Nykaa had slowed down store expansion for a year or so due to the pandemic but now has revived its store rollout.
Like many other retailers, Nykaa was hit hard by the pandemic as work-from-home rules reduced demand for office wear, cosmetics, and shoes. The company reported a 96 percent slump in quarterly profit. But things are looking brighter as the Covid pandemic eases, and India’s festive and wedding season gains pace.
Though Nykaa largely operates as an e-commerce platform selling everything from global cosmetic brands to jewelry, physical stores, targeting Indian consumers wanting to buy touch-and-feel products, are a critical part of the business.
Increased marketing spends have led to an acceleration of customer acquisition, which is also evident in the unique visitor and transacting customer metrics. Most shoppers in India still buy products offline. Nykaa is targeting a sub-segment of that sector - the $70 billion beauty, personal care, and fashion market.
Nykaa, which sources many products from Europe, is also focusing on ramping up exports of its own private brands to the United Kingdom and the Middle East. Nykaa is owned by FSN E-Commerce Ventures.
Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.
DAILY NEWS:
- Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul
- Consumers will determine growth of sustainable fashion e-comm in India
- Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'
- Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22
- Nike strengthens retail presences with new store at DLF Mall of India,Noida
