Adwaita Nayar, the current CEO of Nykaa Fashion and the Co-Founder of Nykaa, never dreamt of being an entrepreneur. She had always watched her parents being professionals when she went for her under graduation in the US. Around the time when she was graduating, her mom, Falguni Nayar, the Founder and CEO of Nykaa,  told her that she wants to be an entrepreneur after a long career as an investment banker. Adwaita got excited about the thought of her mother pursuing entrepreneurship, and then she decided to join her on this journey.

“It was not a well-thought-out decision but I took the leap and now believe that it was one of the best decisions I have ever made,” said Adwaita Nayar.

Building Nykaa Fashion

About three years ago, having established ourselves in the beauty business, the brand thought about what could be the next vertical. Then it decided to enter fashion as most of the beauty consumers would be shopping for fashion as well. And apart from this, fashion was a massive addressable market, a very large opportunity for them to go after.

“We felt there were a lot of gaps in the way fashion was sold in the country, which gave us an opportunity to build something distinct and different,” Adwaita stated.

Omnichannel Strategy

Nykaa is bullish on its omnichannel strategy. On the beauty side, the brand has over 100 stores. In fashion, too, the brand plans to have a physical store strategy.

“We plan to open 2 Nykaa Fashion stores in the next few months. I personally want to launch a couple of different stores and formats and see what clicks and then scale from there,” she asserted.

Brand Portfolio

The company looks to have a lot of layers to its merchandise and uniqueness. For instance, it followed the strategy to have all the brands that consumers see in the mall and added them to its website. Nykaa Fashion also created a property called ‘Hidden Gems’, wherein the brand goes to all different parts of India and find local designers and craft and bring them online.

Additionally, Nykaa Fashion has also gone global and tried to understand what are the most compelling brands built in different countries and decided to bring them to India. For instance, it recently launched Revolve, which is US’ one of the best retailers, in the Indian market. It also added sustainability-led brands into its kitty.