Nykaa CEO, Anchit Nayar, has stated that the company has not yet experienced any major impact from competition in the beauty business. Despite facing scrutiny due to the entry of competitors like Reliance Retail’s Tira, Nykaa remains confident in its position as a niche omni-channel beauty retailer. Nayar emphasized that a large portion of their business comes from repeat customers and that the company has a significant share of the customer base. He also expressed belief in the growth potential of the Indian market, citing factors such as the increasing number of middle and high-income households, urbanization, and the digitalization of the beauty industry.
Nykaa recently organized a Nykaaland event in Mumbai to showcase its brands, while providing attendees with entertainment, food, and various experiences. Founder and CEO of Nykaa, Falguni Nayar, echoes Anchit Nayar’s sentiments, predicting a continued trend of premiumization within the industry and asserting that the company will be less affected inflation.
Anchit Nayar also addressed the barriers to growth in the beauty sector, which include awareness, education, and availability. Nykaa aims to overcome these barriers hosting a beauty event in collaboration with BookMyShow.com. The event will feature over 80 international and Indian beauty brands, offering attendees the opportunity to explore and experience the world of beauty. The event will also include live music, food, beauty treatments, and other engaging activities.
Influencers such as Janhvi Kapoor and Ashish Chanchalani attended the event, adding to its allure. Owen Roncon, Chief of Business – Live Entertainment at BookMyShow, expressed excitement about the immersive and innovative experiences offered at the event.
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