Nykaa CEO Anchit Nayar has stated that the beauty e-commerce company has not witnessed any significant impact from competition thus far. Despite facing scrutiny due to the emergence of new competitors, such as Reliance Retail’s Tira, Nykaa remains unfazed. Nayar emphasized that a majority of their business comes from repeat customers, debunking the notion that they were the first movers in this industry. He acknowledged that other players like Flipkart and Purplle were already operating in this sector before Nykaa, but they have managed to secure a large share of the customer base. Speaking at the Nykaaland event in Mumbai, Nayar expressed his faith in the Indian consumption story, highlighting the growing number of middle and high-income households, urbanization, and digitalization of the beauty business. Nykaa’s average customer spends around $80, which stands in stark contrast to the average spend of just $5 in India. The founder and CEO of Nykaa, Falguni Nayar, also believes in the trend of premiumization, with products transitioning from mass to masstige and from masstige to premium. Falguni Nayar anticipates that this trend will continue and remain less affected by inflation.
Anchit Nayar identified awareness, education, and availability as key barriers to the growth of the beauty sector. However, Nykaa aims to address these challenges. The company partnered with BookMyShow.com to organize its first-ever beauty event, scheduled from November 4-5. The event not only features over 80 iconic international and Indian beauty brands but also offers entertainment with live music performances, food, and various games. Designed to resemble a wonderworld, the event provides opportunities for pampering, including foot massages, hairdos, and beauty courses. Falguni Nayar described the event as a means to introduce consumers to the world of beauty, offering experiential and educational experiences. Influencers such as Janhvi Kapoor, Ashish Chanchalani, Diipa Buller-Khosla, Aastha Shah, and Sunayana Fozdar attended the event. Owen Roncon, the chief of business – live entertainment at BookMyShow, emphasized the immersive and innovative experiences provided by the event and its potential to tap into the beauty and entertainment industry.
For more information, please visit: [Nykaa’s fashion foray and pipeline-style biz model worries analysts](https://www.businessinsider.in/business/corporates/article/nykaas-fashion-foray-and-pipeline-style-biz-model-worries-analysts/articleshow/95405203.cms)
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