Indian Economy News

India to soon become 5th largest beauty market: Nykaa chairperson

  • IBEF
  • February 24, 2022

According to a top executive of beauty and wellness online e-commerce giant Nykaa, India is set to overtake several European nations and become the world's fifth largest market very soon. During a panel discussion at Investcorp Global Conversations, Nykaa executive chairperson, MD, and CEO Falguni Nayar remarked that the fashion industry in India is becoming more organised, compared to the current level of 80-85% unorganised. She said that, "If you look at fashion with the size and scale that the fashion market has in India, it is the third largest market in the world and a lot of it is unorganised but it has shifted. At the beginning 80-85 per cent of the market is unorganised but it is getting very rapidly organised”. She stated that the fashion industry is expanding into modern trade as well as online.

Talking about her experience regarding entrepreneurship she mentioned that it is like a roller coaster ride. She said the company battled for the first four to five years to put the correct technology in place since its first chief technology officer left after one year, the second at the end of the second year, the third at the end of the third year, and there was no CTO for one to one-and-a-half years. She mentioned, "It took a lot of patience to build that and today we have a fantastic platform. We realise that customers are not going to allow us any discount in terms of customer service. Our biggest competitors were Amazon and Flipkart. We had to have technology at par with them if we wanted to service the customer. So that was a very big lesson."

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

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