Nykaa CEO Anchit Nayar Talks About Competitors and Market Trends

Anchit Nayar, the CEO of beauty and e-commerce at Nykaa, recently spoke about the company’s stance amidst increasing competition and market dynamics.

Steadfast Against Competition

Despite the emergence of competitors like Reliance Retail’s Tira, Nykaa remains unfazed. Nayar mentioned that they haven’t witnessed any significant impact yet. With a substantial portion of their business stemming from repeat customers, Nykaa enjoys a strong foothold in the market despite not being the first mover. Nayar acknowledged the presence of other players like Flipkart and Purplle but emphasized Nykaa’s substantial customer base.

India’s Consumption Story

Nayar expressed confidence in India’s consumption narrative, citing factors such as the rise in middle and high-income households, urbanization, and digitalization within the beauty sector. He highlighted that Nykaa’s average customer spends around $80, a significant contrast to India’s average beauty spend of $15.

Premiumization Trend

Falguni Nayar, the founder and CEO of Nykaa, echoed Anchit Nayar’s sentiments regarding the trend of premiumization in the beauty industry. She believes that the shift from mass to masstige and premium products will persist, unaffected by inflation. Once consumers experience the benefits of premium products, it becomes a lasting habit.

Addressing Sector Barriers

Anchit Nayar identified awareness, education, and availability as barriers hindering the sector’s growth. Nykaa is actively addressing these challenges, evident through initiatives like their upcoming beauty event in collaboration with BookMyShow.com.

Nykaaland Event

The Nykaaland event, scheduled for November 4-5, aims to bridge the gap by showcasing a myriad of international and Indian beauty brands. The event promises immersive experiences, including live music performances, culinary delights, interactive games, beauty courses, and indulgent services like foot massages and hairdos.

Immersive Experiences and Collaborations

Owen Roncon from BookMyShow highlighted the immersive and innovative experiences offered by the Nykaaland event. The collaboration aims to tap into the intersection of beauty and entertainment, providing audiences with unparalleled experiences and insights into the dynamic beauty industry.