Nykaa is a beauty retail company that sells cosmetic commodities both online and offline. The company also offers comprehensive content that includes product reviews, beauty how-to videos, expert-written articles, and even an e-beauty magazine. The Nykaa helpline is designed to help its customers choose products and services that are tailored to their needs.
The cosmetics market was valued at $1.3 Billion in FY2020 and is estimated to grow at a double-digit CAGR of 16.39% through FY2026 to reach $2.89 Billion by FY2026. This amazing growth of the cosmetic industry is the result of the growing demand for cosmetic products, mainly from teenagers and young adults, and the rapid digitalization of the industry, much to the benefit of all.
Nykaa is one of the key players of the cosmetic industry, which boasts of its wide range of beauty, fashion and wellness products that it makes available to both the physical and digital customers!
Read all about Nykaa, its Latest News, Founders and Team, Funding and Investors, Marketing Strategy, Business Model, Revenue Model, Growth, Acquisitions, Future Plans, and more!
Nykaa – How Did It Start?
It was the inconsistencies witnessed in the market of beauty products, which gave Falguni Nayar, the founder of the company the initial impetus. The beauty and cosmetic products market of India was not at par with the scope of the products, as it was in other nations like France and Japan though the market demand was high. Furthermore, the products were also discovered unavailable in many places around the country, all of which led to the formation of Nykaa.
Nykaa was founded by Falguni Nayar in the year 2012. It initially started as an online corporation and eventually switched to being an omnichannel strategy.
Based out of Mumbai, Nykaa is well-known for its wide range of beauty and cosmetics products, fashion, and intimate wear that the company makes available through its online website, app, and via its online stores.
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Nykaa – Founder And Team
Falguni Nayar is the founder of Nykaa, which presently stands as one of India’s biggest lifestyle and fashion portals. Nayar was a student of IIM Ahmedabad from where she completed her MBA in Finance. She joined Kotak Mahindra Capital Company, a leading investment bank of India soon after turning into a graduate. Nayar Managing Director of the same division of the bank in 2005. She served the bank for 18 long years after which resigned in order to dedicatedly follow her entrepreneurial dream: Nykaa.com. (Also read about Nykaa expansion in Mumbai)
Nayar is also recognized as a Founding Member of the Asia Society in India. She has her name listed on numerous boards, including the Aviva Insurance Board, Dabur India, along with serving as an Independent Member on the Tata Motors Board. Being a successful entrepreneur as well as a responsible homemaker, Falguni is a source of inspiration to everyone in Nykaa and beyond. Falguni’s passion for her business, attention to detail, and involvement in every aspect of the firm can be defined as some of the qualities that had made her a great leader. She has also set a big example for the entire world and validated the saying, “age is just a number” when it comes to entrepreneurship.
Falguni has been the recipient of tons of accolades throughout her career including the FICCI Ladies Organization (FLO) award for the top woman achiever in the field of banking and the Business Today award, which hailed her as one of the top 25 women in business.
Nykaa – Tagline, Slogan And Logo
The brand name ‘Nykaa’ is derived from the word ‘nayaka’, which means ‘one in the spotlight’ in Sanskrit.
The company’s tagline is ‘Your Beauty, Our Passion’. There was a partnership between Nykaa and Peanut Butter as a result of which generated another slogan, ‘Beauty Anytime, Anywhere.
The brand colour was very carefully chosen because the brand targets ladies and the colors red and pink would perfectly reflect a modern girl’s flaws and vibrancy.
Nykaa – Marketing Strategy
Nykaa has stood as one of the most competent players in the beauty and fashion space due to its robust marketing strategy, which is carved with digital marketing at its core. The brand not only focuses on marketing in the Tier 1 cities but also pitches all the potential customers from the Tier 2, 3, and 4 cities.
Social Media Marketing
Nykaa has 4 social media accounts for the marketing of its in-house brand My Nykaa, Nykaa beauty for the promotion of its e-commerce platform, Nykaa fashion to promote its e-commerce apparel store, and Nykaa beauty book, which helps the audiences with numerous beauty and makeup tips.
The company has its accounts on diverse social media platforms to extensively promote the brand on social media. The brand is also engaged in posting content created by its influencers via its social media handles. Therefore, influencer marketing plays an important part in the promotion of Nykaa.
Nykaa has a full-fledged Youtube marketing strategy. The brand refrains from focusing on selling its products via its Youtube channel but concentrates more on offering consumable content, including beauty, personal care tips, makeup hacks, and much more, to its target audiences.
Furthermore, the brand also runs Youtube ads from time to time to target its customers. Thus, the Youtube marketing of Nykaa is fueled with quality content that keeps the audience engaged and relevant ads.
Nykaa relies majorly on its content marketing. The D2C beauty and fashion marketplace offer a variety of consumable content to the audience, which helps them convert into its customers.
The Beauty Retail Platform has its own blog, “Nykaa beauty book,” which the brand uses to publish blogs on beauty, makeup, and personal care. Furthermore, the brand is also engaged in creating video content like makeup tutorials, DIYs, and more. T
Event marketing is another important marketing strategy that Nykaa leverages to pitch the target customers at the right time and right place.
This Beauty Retail Platform has successfully sponsored the popular Femina Miss India event, one of the largest beauty events in India on a number of occasions, and is still tied to the same event.
Besides, Nykaa also sponsors numerous college fests and events like the Red Brick Summit, 2019 IIM Ahmedabad, and the Mumbai college fest, Mood Indigo.