NYKAA: India set to become 5th largest beauty market

25 February 2022, Mumbai:

*FSN E-Commerce Ventures Ltd, which runs Nykaa, had posted about a 57 percent decline in consolidated profit after tax to Rs 29 crore in the third quarter.

*India is expected to overtake Japan as Asia's second-largest economy by 2030 when its gross domestic product (GDP) is also projected to surpass that of Germany and the United Kingdom to rank as the world's third, according to IHS Markit.

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*Nykaa executive chairperson, MD, and CEO Falguni Nayar during a panel discussion at Investcorp Global Conversations said that even fashion business in India is taking shape of organised market from the present level of 80-85 per cent being unorganised.

India is likely to overtake some of the European markets and become the fifth largest in the world very soon, a top official of beauty and wellness online e-commerce firm Nykaa said on Wednesday. 

"In beauty India will be the 5th largest market in the world very soon because of the growth rate that it is experiencing versus European growth rates.

Those markets are ahead of India but very soon India will overtake that. "If you look at fashion with the size and scale that the fashion market has in India, it is the third-largest market in the world and a lot of it is unorganised but it has shifted.

At the beginning 80-85 percent of the market is unorganised but it is getting very rapidly organised," Nayar said.

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*Figures mentioned in the above article have been sourced from Timesnownews Business Standard Fibre2Fashion article.