Nykaa Has Huge Lead, Edge to Defend Its Turf Actively: Founder Falguni Nayar

Nykaa, the fashion and beauty retailer, is determined to defend its position amidst competition from both established conglomerates and emerging players in the Indian market. Founder and CEO Falguni Nayar emphasized the company’s strong foothold, built on brand recognition, a loyal customer base, and deep business insights.

In an interview with PTI, Nayar highlighted the vast potential within the retail sector, affirming Nykaa’s commitment to surpassing consumer expectations and maintaining a competitive edge. With the beauty e-commerce landscape witnessing intensified rivalry, particularly with the entry of Reliance Retail’s Tira platform and other contenders like Tata Cliq Palette and Myntra, Nykaa remains focused on leveraging its lead and expertise to sustain its market share.

Nayar emphasized that retail is a diverse domain, allowing room for multiple players to thrive. She reiterated Nykaa’s dedication to exceeding customer expectations to retain their loyalty and stave off competition.

Reflecting on the broader entrepreneurial landscape, Nayar underscored the importance of robust corporate governance, especially in light of recent lapses observed in some startups. She emphasized that growth and scale cannot justify compromising on governance standards, advocating for strict adherence to industry regulations.

Nykaa, under Nayar’s leadership, has maintained a strong focus on governance practices. Looking ahead, Nayar sees significant growth opportunities in India’s beauty, personal care, and fashion sectors, buoyed by factors such as a youthful demographic, rising incomes, and robust digital infrastructure.

She noted a growing interest from global beauty companies in India, indicating the country’s attractiveness as a market. Nayar expressed optimism and confidence in Nykaa’s future prospects, citing the immense potential for growth in India’s beauty and fashion consumption, drawing parallels with China’s consumption boom from over a decade ago.