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Driving growth and diversification: CEO Falguni Nayar on Nykaa’s vision

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Driving growth and diversification: CEO Falguni Nayar on Nykaa’s vision

DBT Bureau

Pune, 15 June 2024

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Nykaa has unveiled its remarkable growth trajectory and ambitious future plans at the Annual Investor Day 2024. At the event, Nykaa’s senior management took the analyst and investor community on a journey of Nykaa’s robust present and plans for the future. With a relentless focus on innovation, customer-centric strategies, and expanding market reach, Nykaa continues to solidify its leadership position in the beauty and fashion industry.

Falguni Nayar, Executive Chairperson, Founder and CEO Nykaa said, “Nykaa’s success so far has been rooted in driving quality growth by foreseeing the potential in the lifestyle ecosystem and making future-forward investments. Our conviction and efforts in beauty over the last decade are now reflected in a market bound to become a 90 billion-dollar market over the next 15 years, with Nykaa continuing its industry-leading growth. The results of our more recent investments in Fashion and eB2B are reflected in the past year through the much-improved profitability in both businesses. Both are expected to continue to expand margins rapidly in the next two to three years, leading to an improvement in Nykaa’s consolidated margins.”

The Indian beauty market which currently stands at USD 19 billion, is expected to accelerate by 5x, presenting a staggering 90 billion* opportunity to Nykaa. The BPC e-commerce market is expected to grow from 3 billion to 40 billion in 2037. As the share of upper & middle-income households grows in India, the premium BPC market is expected to grow by 25% CAGR in the next 15 years.

Nykaa Fashion has showcased spectacular growth, boasting a GMV of over $400 million in FY24. Within the year, the business expanded its EBITDA margin by over 600 bps. Building on this success, Nykaa Fashion aims to grow to 2.5x-3x over the next 3 years and aspires to become EBITDA positive in the near future.

Nykaa’s consumer brands business has scaled rapidly over the last four years, witnessing 47% CAGR in the beauty consumer brands GMV and 112% CAGR in the fashion consumer brands GMV over FY21-24. The portfolio in beauty and fashion offers 14 and 13 brands respectively across categories such as makeup, skincare, personal care, fragrances, ayurveda in Beauty and lingerie, western wear, ethnic wear and accessories in Fashion.

Two of the fastest-growing consumer brands of Nykaa, Dot & Key and Nykd by Nykaa offer differentiated solutions and have carved a niche for themselves in the beauty and lingerie market respectively. Nykd by Nykaa which boasts of a consumer base of 2 million shoppers, has achieved an annualized GMV run rate of the scale of INR 160+ cr. in less than 3 years. It has coveted the top spot on the Nykaa platforms.

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