Nykaa parent FSN E-Commerce Ventures’ CEO, Falguni Nayar, expects India to be the third largest global consumer market by 2030. Nykaa is working towards this and is all set to open its first global store in partnership with GCC’s retail conglomerate Apparel Group by 2023 end.
Falguni believes that India has a great entrepreneurial spirit with a young population, making it an ideal market for consumer-focused brands to thrive. Nykaa sees a great opportunity for them with India’s per capita Beauty and Personal Care (BPC) consumption expected to expand. The brand already has a consumption of $80 per capita, which is five-fold of the national average. Nykaa has leveraged India’s growth as a hub for global brands through its unconventional technology-first approach.
It has become the largest beauty specialty retailer in India, on both online and offline portals, and aims to continue its efforts and strive for value creation and long-term profitability.