Nykaa foresees growth in beauty and fashion segments, launches Cosrx online
Sep 16, 2020
Multi-brand retailer Nykaa expects significant growth in its beauty and fashion segments this festive season with recovery to pre-pandemic levels at brick-and-mortar stores expected by December.
Nykaa expects its beauty segment to grow by 50% across its brick-and-mortar stores and online business over the festive season, the brand’s founder and CEO Falguni Nayar told the Economic Times.
The brand’s brick-and-mortar stores have reopened with health and safety measures in place and Nykaa has begun to open new stores again, its most recent opening being in Ahmedabad. However, the company said that physical stores will not achieve sales akin to those seen in February, before the pandemic, until December.
“The second half of this year is traditionally the peak season for beauty business and will see our business grow as supply chains have been running smoothly and the mobility index is improving,” Nayar told the Economic Times.
“As we enter the festive season, we expect a pickup in the makeup category, especially colour cosmetics.”
Nykaa also expects significant growth in its multi-brand and private label fashion business, expecting it to become a Rs 500 crore business at a retail price level. Nayar foresees that Nykaa’s fashion business will grow by six to seven times compared to the previous festive season.
Continuing to expand its international brand selection, Nykaa’s beauty arm launched Korean skincare brand Cosrx on its e-commerce store on September 14, it announced on its Facebook page. The brand’s product selection includes cleansers and toners tailored to suit different skin types including dry, oily, and sensitive.
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