‘The best time for beauty is yet to come,’ says Nykaa’s Falguni Nayar
“The best time for beauty is yet to come,” she declared, adding that India’s tech innovations have set it apart on the global retail stage. “The technology India offers is ahead of what we see in digital retailers globally,” she said, pointing to India’s robust digital infrastructure and investments over the past 10-15 years.
India’s beauty and personal care market has seen per capita spending increase from $6 to $16 over the past decade, but it remains far from developed nations like Japan, where spending exceeds $400 per capita. “Indian consumption is still small,” Nayar explained, “and reflects where our per capita income has been.”
With a vast young population and a growing appetite for discretionary spending, Nayar believes India is ready for a consumption boom in categories like beauty, personal care, and fashion. “As Indian incomes go up, we will see a lot more discretionary consumption,” she said.
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While Nykaa has made initial forays into international markets like the GCC, Nayar confirmed that India will remain the company’s main growth engine. “The bulk of our investment will continue to go to India,” she affirmed, noting that the scale of the domestic economy, coupled with high growth rates, makes it one of the most exciting retail markets globally.
Looking ahead, Nayar shared Nykaa’s five-year roadmap, which includes expansion into the wellness sector. “We’re planning to start with wellness products, and services could follow later,” she said at the Global Leadership Summit.
Nykaa also aims to introduce R&D-driven, locally tailored products that cater to Indian consumers. “India’s market is just beginning to take off,” Nayar concluded, underscoring her confidence in the country’s potential to lead the next wave of growth in beauty and retail.
(Edited by : Shoma Bhattacharjee)
First Published: Nov 14, 2024 8:32 PM IST
