A management consultant, a business leader, or an entrepreneur? If someone asked Falguni Nayar about which role she played better in her career spanning more than three decades, it might be a hard one for her to answer. As an alumnus of IIM Ahmedabad, a management consultant with A.F. Ferguson & Co., and a Managing Director with Kotak Mahindra Capital, and then the founder of Nykaa, if there is one thing her illustrious career indicates, it is this - strive for excellence in whatever you do.
Ms Nayar was born and raised to see her father run a small bearings company. At the age of 50, peaking in her career as the MD of Kotak Mahindra Capital, she took a leap of faith and quit the security and prospects of a comfortable future. She started Nykaa, an online retailer of beauty products, in the year 2012.
The story of Nykaa’s growth is nothing short of phenomenal. The company has grown over 100% year on year for the last three years. Today Nykaa’s portfolio includes over 1,000 brands across makeup, skincare, hair care, fragrances, bath and body, luxury and wellness products for women andmen. Seeing the potential for luxury beauty in India, Nykaa was the first to make luxury beauty brands available online. Nykaa also led the Korean beauty phenomenon in India, launching leading K-Beauty brands resulting inan exponential growth of the skincare category over the last three years.
After its latest round of 2019 fundings, Nykaa is on its way to becoming a unicorn. Nykaa commands more than 40% percent of the online beautymarket in India. The company plans to expand its retail network by opening 180-200 new stores across India by 2023. Expanding horizons beyond beauty, Nykaa recently launched Nykaa Fashion, a premium fashionportal that is high on style featuring leading high street and designer brands.
Falguni Nayar says that she is an adventurer and thrives in uncertain situations. The fear of failure, she says, has never daunted her from doing things.