NYKAA- A HUGE SUCCESS
“AGE IS JUST A NUMBER”- HERE IS THE SUCCESS STORY OF NYKAA
HOW NYKAA EVOLVED!
Everyone is naturally good-looking, but with the correct cosmetics, they can enhance their natural beauty. However, in today's world, buying cosmetics from a store is a bit tough. Why don't we buy cosmetics online that everything has been made simple and we can get everything from the comfort of our own homes? This is where Nykaa began. Nykaa is a brand that everyone interested in beauty is familiar with.
Cosmetics play an important role in all of our lives, from learning makeovers to trying out different shades on free days, to grooming ourselves before a wedding or to just putting on a little coating before work to look bright.
Nykaa is derived from the Sanskrit word nayaka, which means "one who is in the spotlight." Nykaa was launched in April 2012 by
Falguni Nayar, a former managing director at Kotak Mahindra Capital Company, Mumbai. It started as an e-commerce site that collected a
variety of health and beauty products. Nykaa's customer care line is meant to support consumers in selecting products and services
that are specific to their needs. The products offered by this beauty and wellness company are purchased directly from the
manufacturers, ensuring authenticity. They are also ready to be delivered!
Even if the market demand was great, India's beauty and cosmetics market did not match the extent of the products as it did in other countries such as France and Japan. Furthermore, the products were found to be unavailable in several locations around the country, triggering Nykaa's establishment.
Nykaa is a Mumbai-based firm that includes all types of beauty and cosmetics products, as well as fashion and also intimate wear, through an online app and its website.
About the founder
Nykaa was founded by Falguni Nayar, and it is now one of India's largest lifestyle and fashion platforms.
Nayar graduated from IIM Ahmedabad with a master's degree in finance. Soon after graduation, she joined Kotak Mahindra Capital
Company, India's leading investment bank. In 2005, Nayar was named Managing Director of the bank's same division.
She worked for the bank for 18 years before resigning to pursue her business goal of Nykaa.com full-time.
Age is just a number for her. She is a responsible homemaker and also a successful women entrepreneur. She is a member of several boards. Her involvement and dedication to her career made her number one today. She has set an example for all the women who are trying to start something new.
Beginning of Nykaa
The development of the internet was seen by early 2010. The emergence of companies such as Flipkart and SnapDeal has made e-commerce shopping a common thing. Everything was available at the touch of a button, from fashion to household things. Customers, on the other hand, had no choice when it came to purchasing authentic, verified, beauty and wellness items online.
Here is where Nykaa began!
Nykaa began selling original products directly through its self-built e-commerce site after forming partnerships
with national and international beauty and wellness businesses. Nykaa's selection of a diverse list of items and product
categories, backed by a guarantee of genuineness, ensured that clients could now shop for beauty and wellness products without
leaving their homes.
Nykaa takes a unique approach to its clients. It did not make any product offerings. They didn't sell anything for a low price. They place a premium on quality. Their main goal was to make sure that regardless of the price, the quality was good.
As we know the name Nykaa means “one in a spotlight”. The tagline of the company reads 'Your Beauty, Our Passion'. Even the logo's color was chosen to appeal to young females. As a result, the colors pink and red would be the most appropriate for them. Nykaa has established itself as one of the most capable companies in the beauty and fashion field because of its solid marketing approach, which is centered on digital marketing. It mainly targeted middle and upper-middle-class people.
Nykaa’s Social Media Marketing
Nykaa has four social media profiles for marketing, Nykaa beauty for e-commerce platform promotion, Nykaa
fashion for e-commerce apparel store promotion, and Nykaa beauty book for e-commerce beauty and makeup suggestions.
Nykaa has a unique youtube marketing strategy. The firm does not use its Youtube channel to sell products, instead focused on providing consumable content to its target customers, such as beauty, personal care tips, cosmetic hacks, and more. In addition, the firm uses Youtube advertisements to target its clients from time to time. In this way, the company attracts the audience and keeps them engaged.
In the field of content marketing, the company has different plans to attract an audience. It has its blog, "Nykaa beauty book," where it publishes beauty, cosmetics, and personal care blogs. In addition, the brand produces video content such as cosmetic tutorials, DIYs, and more.
IPO ( Initial Public Offering)
The platform's initial public offering (IPO) was open for subscription from October 28 to November 1, with a
price range of Rs 1,085-1,125 per share. Nykaa's initial public offering (IPO) was oversubscribed by 81.78 times the 2.64 crore
Investors reacted positively to Nykaa's initial public offering (IPO) when it was made available for subscription. The platform was launched on the BSE and NSE on November 10 and entered the 1 lakh crore market capitalization club when its stocks closed at 2,206.70, nearly double the issue price, valuing the beauty firm at about $14 billion.
Struggles faced By Nykaa
Like any other company, Nykaa also faced many challenges in its field. Ajio and Myntra are two of the most prominent company in Nykaa's sector. It also needs to have a unique selling proposition in the fashion industry.
● On April 22, 2022 - Nykaa acquired Nudge Wellness company, which is a Nutraceuticals and wellness brand.
● On April 22, 2022 - it acquired Kica, a Women swimwear brand.
● On October 22, 2021 - it acquired Dot & Key Wellness, a skincare brand based in Kolkata.
● On April 12, 2021 - it acquired Pipa. Bella, and Jewelry brand.
● On March 22, 2019 - it acquired 20 Dresses, Fashion, and eCommerce platform from Mumbai.
The company has 17 million active users. And also has 15 million active users. Nykaa has 105 stores across India.
Like any company, it also faced its downfall during a pandemic. But with continuous hard work and dedication, it recovered soon.
The company launched its new brand Nykd in October 2022.
In the future, the company is planning to expand its offline store to 180 stores across India by 2024.
Nykaa has recently launched several new items, some of which have celebrities through nykaa online shopping. In addition, they have included several new collections into their brand. Overall, Nykaa's success may be summed up as a story about having a clear vision and taking meaningful moves at the correct time. It's also worth noting that Nykaa's team didn't only focus on growing their brand; they also made sure that all of their partners grew and were part of their success story.
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