Nykaa opens 'On Trend' store in Mumbai, plans 30 stores by 2020
Indian beauty retailer Nykaa as part of its offline expansion plan has added an ‘On Trend’ store in Mumbai. The beauty retailer plans to add 30 brick and mortar stores over the next three years across India.
The new store with an area over 350 square feet is located at Skyzone North at High Street Phoenix, Mumbai and will offer beauty products from over 100 brands.
The selection includes brands like Lakmé, Kama Ayurveda, Maybelline New York, Toni & Guy, The Face Shop, LA Girl, DearPacker, Kaya, Wella Professionals, Calvin Klein and Davidoff among others along with Nykaa’s private labels.
Nykaa retails offline with two format stores ‘On Trend and Luxe. The Luxe stores have mostly luxury and premium brands, while On Trend stores carry a portfolio of brands that trend on Nykaa's online platform,
“We believe in complete phygital experience for all our stores. We encourage our customers to try products to understand what best shade, texture etc. work for them. With Nykaa’s Omnichannel model we want to give our consumers a chance to shop at every touch point”, Adwaita Nayar, Head – Retail, Nykaa said in a statement.
“For Nykaa Luxe format the plan is to open some 17 stores by March 2018. The Nykaa Lux stores are around 1,000 sq ft. Our all stores are company operated and managed stores,” she added.
Nykaa.com reported a net revenue of Rs 214 crore (approx $33 million) and gross merchandise value (GMV) of Rs 275 crore (approx $42.4 million) for the financial year 2016-17.
Nykaa currently has 6 Nykaa Luxe stores and 5 Nykaa On Trend stores in India along with an online portal offering 700 brands and 80,000 products.
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