CASE STUDY

Presenter name: Manasi K. Kamble

Heli B. Shah
Khushi A. Kashyap
 Content
 Introduction
Industry
About
How Did It Start
Founder And Team
Mission And Vision
Name, Tagline and Logo
Marketing Strategy
Business Model
Revenue Model
Funding And Investors
Challenges
Acquisitions
Growth
Future Plans

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Introduction
Nykaa is a beauty retail company that sells cosmetic commodities and fashion
products 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 products that beauty and wellness brand boasts of are sourced
directly from the manufacturing brands and are therefore authentic, and are also
available for delivery!

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Industry
Nykaa stands as a leading
company in the cosmetics and
personal care market, which is
estimated to reach $33.33 bn by
2027. The market was last
valued at $24.53 bn in 2022 and
is currently growing at a CAGR
of 6.32%.

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About
Nykaa currently ships its products
all around the Indian subcontinent
and to Nepal as well and will start
its international deliveries to many
other countries soon!
Nykaa - How Did It Start?
It was the inconsistencies witnessed in the market of beauty products, which gave the initial impetus to Falguni Nayar,
the founder of the company. 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. Nayar founded Nykaa with limited knowledge of beauty
products, retail industry, and technology, with just 3 employees. The company started in 2012, and has received
around 60 orders in its initial days. However, Nykaa didn't compromise on its price proposition. Yes, it could have
lowered the rates to multiply sales, but it didn't do that.
“We’d rather sell the proper shade of lipstick at full price than the wrong shade at half price,” said the Founder and CEO
of Nykaa once.  
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. Making simple
women extraordinary in every aspect is one of the main focuses of the brand.
 BUSINESS MODEL
 Nykaa is a D2C consumer products eCommerce brand, which relies on an 
inventory-based business model.

 The company purchases its products directly from the manufacturers and keeps them
in its designated warehouses located in New Delhi, Mumbai, and Bangalore and the
products are sold either on the website of Nykaa or through its 3 offline store formats:
Nykaa Luxe, Nykaa On Trend, and Nykaa Kiosks.

 The inventory-led model of business of the company helps the company witness high-
profit margins and has resulted in a profitable business.

 The company also ensures the authenticity of products and follows competitive pricing.
 CHALLENGES
 Being a latecomer in the cosmetics market, Nykaa has to battle numerous professional players. Ajio
and Myntra are some of the biggest players operating in Nykaa's market. Besides, it also needs to
create a USP in fashion.
 In the initial days when Nykaa started, its website would crash every now and then. When it touched
100 orders, its system would shut down. However, it fixed these issues and continued growing the
business.
 In a recent statement, Kannan Sitaram, a Venture Partner at Fireside Venture, stated that one of the
biggest of Nykaa's challenges is to remain interesting to the shoppers because if it fails to provide
an excellent experience, then they would be disappointed.  
 A case was filed against Nykaa in November 2019 by French cosmetic giant, L’Oréal, at the Delhi
District Court, alleging that Nykaa has infringed copyright due to the similarity that the French
cosmetic major found in some packaging that Nykaa does, which was similar to the Maybelline
brand. The court battle seemed long-drawn, which is why both the firms decided to call it off and
settle terms between them, which are currently approved by the Delhi District as well as the High
Court of Delhi and under the new settlement terms, L’Oréal has approved the new, modified artwork
that Nykaa has created.
 NYKAA-GROWTH
 Nykaa became the leading e-commerce and beauty retail platform within just 4 years which specialises in the sales of beauty,
cosmetics, and fashion products, which is already listed and that too, at a valuation higher than some of the oldest and largest
Indian businesses like Coal India, Bharat Petroleum, SBI Card, and Godrej.
 It currently boasts of having over 17 million monthly active users and processes 1.5+ mn orders. Apart from these it claims of
having 15 million registered users,105 stores across India, 23 warehouses across 11 Indian cities and offering over 4000 brands.
 Nykaa recovered fast from the ill effects of the COVD-19 pandemic and had already recovered by more than 90% from what it was
during the pandemic outbreak towards the end of 2020.
 The unicorn cosmetics, fashion, and beauty products brand have witnessed a major shift of the consumers towards the essential
categories, including personal skin and hair care items, and this is what helped it beef up faster than its rivals after the coronavirus
onslaught. Furthermore, the company's shift from an online model to an omnichannel retail model also contributed a major hand to
the same. All of these not only changed the customers' perception of the brand but also helped Nykaa gain audiences, whom it did
not or perhaps could not target earlier.
 The company also launched Nykd, an intimate wear brand, as soon as it began to shake off the pandemic effects in October 2020. It
has again explored the same segment, but this time, it will present men's innerwear and athleisure products.
 Nykaa announced its foray into the men's innerwear category on July 6, 2022, by announcing GLOOT, which will stand as a Nykaa
brand for underwear and athleisure categories. As soon as Nykaa announced its foray into the men's innerwear and athleisure
categories, the Nykaa parent's shares witnessed a jump. It closed 4% higher at Rs 1,453.9 on the BSE on the very next day. The
innerwear products for men will start from Rs 499 while the GLOOT athleisure products will start from Rs 899.
 FUTURE PLANS
The company is aiming to expand its offline business. It
wants to expand its offline evidence by opening 180 
stores all over India by 2024.
Nykaa is currently willing to expand its fulfilment centres
across the country to boost customer experience.
Also, it has plans to expand its warehouse capacity by
40%.
The way to get
started is to quit
talking and begin
doing.

Walt Disney

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 Team

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