Nykaa announces a partnership with three local brands
On Friday, Mumbai-based Nykaa announced its partnership with three local brands Earth Rhythm, Kica and Onesto Labs Private Limited. The fashionable cosmetics retailer’s founder and CEO, Falguni Nayar, said the company will soon start opening Nykaa fashion offline as well.
Speaking on the tenth anniversary of the company at a press conference in Mumbai, Nayar said that with the addition of these three companies, the total number of companies acquired by Nykaa has reached eight.
With Onesto Labs, Nykaa aims to create a new category of nutraceuticals and wellness products under Nudge Wellness Private Limited. With Earth Rhythm, which creates sustainable beauty products, Nykaa aims to realize “brand potential and address a growing market for products that are committed to efficiency as well as the planet,” said he declared. With the acquisition of Kica’s intellectual property, Nykaa plans to expand its retention in the sportswear category.
“Building Next Generation Brands”
Nykaa has forged numerous partnerships with local D2C brands to strengthen the beauty and lifestyle ecosystem at an early stage and create the next generation of brands specializing in sustainable and inclusive products.
“We are a multi-brand distributor for beauty and fashion. We want to get into the omnichannel for beauty and fashion. But on top of that, we want to build what we call a consumer business that will have a lot more brands in our stable. I think we are just at the very beginning. And it’s the same in the fashion segment,” Nayar said.
“So we may have 10 more brands in our stable work in fashion and beauty, but they will all be unique and we also have their customer-preserving positioning,” she added.
Since its launch, Nykaa has expanded its product categories by introducing online platforms Nykaa Fashion, Nykaa Man and Superstore. Offering a complete omnichannel e-commerce experience, Nykaa offers over 4,000 brands and over 3.1 million product SKUs through its website and mobile apps.
Nayar said, “The entrepreneurial spirit in India has never been stronger, and the spotlight is on a breed of new-age founders who are working harder to pursue their dream and live their passion.”
Support young brands
“As a founder myself, I firmly believe in the importance of an entrepreneur’s vision in the success of a brand. At Nykaa, we want to play a small part in a movement by supporting promising young brands to propel their journey,” she said.
Talking about the current inflation in the market, Nayar said it might be a drag in the short term, but she believes there is huge potential for growth in the fashion and beauty segment in India.
“We said post Covid we want to expand our offline retail channel. There is a clear path to accelerating our stores’ footprint on beauty as well as fashion, as we begin to experiment with a few stores this year. It will not be multi-brand retail, but more of our brands,” she added.
April 23, 2022