Falguni Nayar, Founder and CEO of FSN E-Commerce Ventures Ltd (Nykaa)
From banking to beauty, Falguni Nayar makes it her mission to empower women.
Trailblazer Falguni Nayar was just shy of her 50th birthday when she quit a career in banking to follow her dream of creating India’s leading beauty retailer, Nykaa. Her goal was to provide a much richer choice of products for consumers. Nykaa’s success has come from Falguni’s focus on what she describes as the "Three C’s": curation, content and convenience. Customer engagement is enhanced through the creation of video tutorials, blog content and active use of interactive technology programs. For example, AI-powered technology is used to offer a “virtual try on” feature for makeup.
In just 10 years, she has created a beauty and fashion empire that employs over 2,900 people and sells more than 4,000 brands. Nykaa has also launched The Responsible Collection, featuring a mix of sustainability-focused labels. The brands follow several principles, including giving back to craft communities and using locally sourced, organic, handwoven and recycled materials. The company now retails over 50 sustainable brands and regularly engages in corporate social initiatives to provide care to those in need.
Nykaa is India’s first woman-led unicorn, achieving a blockbuster IPO in 2021 and empowering other female entrepreneurs to challenge gender stereotypes. As India’s latest self-made female billionaire, Falguni makes it her mission to encourage women in business and prioritizes diversity in her company’s leadership and management teams.
Back to the EY World Entrepreneur Of The Year™ Class of 2022