Nykaa Fashion: The founder and CEO of Nykaa, Falguni Nayar, stated that the fashion and cosmetics shop intends to aggressively defend its ground against competition from Indian conglomerates and new entrants because it has a significant lead and advantage in terms of brand play, customer base, and business analytics. In an interview with PTI, Nayar stated that retail is a “very huge segment with space for many” and that the omnichannel beauty and fashion retailer will continue to stay focused by providing products that are far beyond customers’ expectations in order to keep them from switching to competitors.
With the launch of Tira, an omni-channel beauty retail platform, Reliance Retail has intensified competition in the burgeoning beauty and personal care markets, which already include firms such as Nykaa, Tata Cliq Palette, a recent entry, Myntra, and others.
According to Nayar, Nykaa has contributed to the beauty industry’s expansion from a “little specialized area” to a “far bigger category.”
“As the sector has grown, numerous national conglomerates and huge enterprises are showing interest in it. Since they are all in the retail industry, expanding their retail footprint into other markets made sense.
“However, Nykaa Fashion has a significant lead and an advantage in terms of brands, consumers, business, and industry experience, so we will undoubtedly aim to defend our business,” stated the company’s executive director.
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Retail play, according to Nayar, is a very large market that provides room for many.
Retail has never operated on the theory that “one individual takes the whole market.” Hopefully, we will be among the few retailers who thrive, as there are always a few that don’t,” she remarked.
Nykaa Fashion pledges to be devoted to providing customers with experiences that surpass their expectations.
“My constant mantra is to keep the customer in mind and go above and beyond their expectations to prevent them from shopping at competitors,” the speaker remarked.
In 2012, Nayar founded Nykaa, an online store selling cosmetics. After taking Nykaa Fashion public in November 2021, she became the richest self-made Indian woman in 2022, surpassing Biocon founder Kiran Mazumdar-Shaw with the company’s successful listing.
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In addition to asserting that the governance agenda needs to be established very early in an entrepreneurial journey, Nayar believes that investors (in the ecosystem) will be paying more attention to recent examples of corporate governance violations in some well-known businesses.
She emphasized that any governance compromise cannot be justified simply because a business is expanding or pursuing size and scale.
It is my belief that the corporations will also realize that they cannot afford to compromise on governance. Growing or pursuing size and scale as a reason for compromising on governance does not justify breaking the rules. Companies must abide by any regulations set forth by the industry, she said.
She also mentioned Nykaa Fashion’s outstanding governance record.
In terms of business, Nayar is upbeat about the future and believes that there is a lot of room for growth in the beauty, personal care, and fashion industries in India.
She claims that because of its young, aspirational population, rising income levels, durable infrastructure, and robust digital networks, India is pinging on the radar of major global companies.
The majority of the CEOs of international beauty firms have visited us recently, according to Nykaa Fashion. It has been incredible to witness how these CEOs, as well as the chairmen of the top 10 beauty companies, have expressed a desire to do more while they are in our nation. This indicates to us that there is global interest in collaborating with India. The future is promising, too,” she remarked.
Given the room for expansion, Nayar expressed her strong “optimism” and “confidence” about the future.
The per capita consumption of beauty and fashion in India is so low that the recent increases in income must be causing it to increase multiple times.
“This voyage has also been witnessed in China. Where China was 15–16 years ago, India is now. And there was a recent surge in consumption across all categories, with the beauty and fashion sectors leading the way. Thus, we have every confidence that it will be repeated in India,” the speaker stated.
Statement stated by Falguni Nayar, CEO, Nykaa.
Source: The Economics Times
