Nykaa, the leading beauty and fashion retailer in India, experienced significant growth in 2024, expanding its retail footprint with the launch of 53 new stores across 36 cities. This expansion, coupled with a strong online presence, solidified Nykaa’s position as a dominant player in the Indian beauty market.
Key growth drivers for Nykaa in 2024 included:
- Rise of K-Beauty: Korean beauty brands continued to gain popularity, with brands like Laneige, Cosrx, and The Face Shop experiencing significant growth.
- Men’s Grooming Boom: Demand for men’s grooming products surged, with luxury fragrances from brands like YSL, Dior, and Clinique witnessing strong sales.
- E-commerce Growth: Nykaa observed a 60% increase in late-night online purchases, with lipsticks, sheet masks, and face serums emerging as popular choices.
- Gifting Trends: Wednesday emerged as the most popular day for gifting, with Valentine’s Day being a significant peak.
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Nykaa also emphasized its commitment to customer satisfaction, highlighting a successful delivery of a lipstick to Srinagar, covering a distance of 2,854 kilometers. The company also focused on improving swift delivery times across its network. Looking ahead, Nykaa is poised to continue its growth trajectory, leveraging its strong omnichannel presence and expanding its product offerings to cater to the evolving needs of Indian consumers.
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About Nykaa
Nykaa is India’s leading beauty retailer, offering a wide range of cosmetics, skincare, haircare, and personal care products. 1 Founded in 2012, Nykaa has grown rapidly, expanding from an online platform to a multi-channel business with physical stores across the country. They are known for their extensive selection of both Indian and international brands, along with informative content and expert advice to help customers make informed choices.
