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Nykaa has retail and distribution subsidiaries in the [[Gulf region]], including Nysaa Cosmetics Trading in Qatar for the export and retail sale of beauty and personal care products, and Nysaa Trading LLC in Saudi Arabia.<ref>{{cite web |title=Nykaa, Apparel Group to open 70 Nysaa stores in 5 years: CEO Falguni Nayar |url=https://www.financialexpress.com/business/brandwagon-nykaa-apparel-group-to-open-70-nyssa-stores-in-5-years-ceo-falguni-nayyar-3429514/ |website=The Financial Express |language=en |date=19 March 2024}}</ref>

Nykaa has retail and distribution subsidiaries in the [[Gulf region]], including Nysaa Cosmetics Trading in Qatar for the export and retail sale of beauty and personal care products, and Nysaa Trading LLC in Saudi Arabia.<ref>{{cite web |title=Nykaa, Apparel Group to open 70 Nysaa stores in 5 years: CEO Falguni Nayar |url=https://www.financialexpress.com/business/brandwagon-nykaa-apparel-group-to-open-70-nyssa-stores-in-5-years-ceo-falguni-nayyar-3429514/ |website=The Financial Express |language=en |date=19 March 2024}}</ref>

===Omnichannel Network===

As of September 2025, Nykaa operates more than 265 physical stores across over 90 cities in India, spanning more than 270,000 square feet of retail space. Stores operate under three formats: Nykaa Luxe (premium and luxury brands), Nykaa On Trend (curated and trending products), and Nykaa Kiosks (compact retail presence of our in-house beauty brands).

===House of brands===

===House of brands===

Indian online beauty retailer

FSN E-Commerce Ventures Ltd, doing business as Nykaa, is an Indian retail company, headquartered in Mumbai. It sells beauty, wellness and fashion products through its website, mobile app and over 100 physical stores.[4] In 2020, it became the first Indian unicorn startup headed by a woman.[5]

Nykaa was listed on the National Stock Exchange and Bombay Stock Exchange in November 2021 following its initial public offering,.[6]

History

Foundation

Logo used in the initial years.

Nykaa was founded in April 2012 by Falguni Nayar, a former investment banker and Managing Director at Kotak Mahindra Capital.[7] The company launched as an online beauty retailer in 2012 and began commercial operations in 2013. Its first offline store opened in the Delhi airport in 2014.[8][9]

In 2015, Nykaa launched its own brands with Nykaa Cosmetics. Its owned brands would later develop into its House of Nykaa business.[10][11]

In 2018, Nykaa expanded into fashion with the launch of Nykaa Fashion.[12][13]

In March 2020, Nykaa became India’s first woman-led unicorn after raising capital from Steadview Capital at a valuation of approximately ₹102 crore (US$12 million) US$1.2 billion.[14][15] In November 2020, global asset management firm Fidelity invested in the company through a secondary sale of shares from multiple equity sellers.[16]

In 2020, the company announced the launch of Nykaa Man the same year, targeting men’s grooming and fashion.[17][18]

In December 2020, Nykaa Fashion launched its first store in Delhi.[19][20]

IPO

Nykaa opened its initial public offering (IPO) in late October 2021 and was listed on the NSE and BSE on 10 November 2021.[21] The IPO raised ₹5,352 crore (US$724.05 million) at a valuation of US$7.4 billion.[22] Following the listing, founder Falguni Nayar became India’s wealthiest self-made female billionaire.[23]

Operations

Nykaa operates a hybrid model, with an inventory-led approach for beauty and personal care products and a marketplace model for fashion.[24][25][26]

It has three offline store formats called Nykaa Luxe, Nykaa On Trend and Nykaa beauty kiosks. The Luxe format features international luxury beauty brands such as Huda Beauty, MAC, Dior, and Givenchy, along with Nykaa Beauty, the in-house collection of beauty products.[27] The Nykaa On Trend sells curated products.[28]

Nykaa has retail and distribution subsidiaries in the Gulf region, including Nysaa Cosmetics Trading in Qatar for the export and retail sale of beauty and personal care products, and Nysaa Trading LLC in Saudi Arabia.[29]

Omnichannel Network

As of September 2025, Nykaa operates more than 265 physical stores across over 90 cities in India, spanning more than 270,000 square feet of retail space. Stores operate under three formats: Nykaa Luxe (premium and luxury brands), Nykaa On Trend (curated and trending products), and Nykaa Kiosks (compact retail presence of our in-house beauty brands).

House of brands

Nykaa has in-house brands within beauty and fashion. Some of them include:

  • Nykaa House of Brands – Nykaa Naturals, Nykaa Cosmetics, Kay Beauty
  • Nykaa Fashion – Nykd by Nykaa, 20 Dresses, RSVP, Mondano, Likha,[30] Pipa Bella[31][32]

In 2015, Nykaa launched its collection of in-house beauty products via Nykaa Cosmetics.[33][34] Nykaa Naturals sells skincare and personal care products. In early 2019, the brand launched its Wanderlust Bath & Body collection, and later in the year introduced a beauty line with designer Masaba Gupta, Masaba by Nykaa.[35][36] The same year, it launched its first celebrity partnership brand, Kay Beauty, with actress Katrina Kaif.[37][38]

Partnership & acquisitions

In March 2019, Nykaa acquired 20Dresses.com, a private women’s styling platform.[39]

In 2021, Nykaa Fashion acquired the India fashion jewellery brand, Pipa Bella,[40]

In September 2021, Nykaa acquired 51% stake in the Indian skincare brand, Dot & Key.[41] And in June 2024, purchased additional 39% stake in Dot & Key, increasing ownership to 90% stake.[42]

In August 2022, Nykaa completed the 100% acquisition of Iluminar Media, the parent company of digital content platform Little Black Book (LBB).[43]

In 2022, Nykaa partnered with Apparel Group to sell beauty products in the UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain.[44][45] In 2024, Nykaa and the Apparel Group entered a 55:45 joint venture to launch Nysaa in Gulf countries.[46][47][48]

In 2022, Nykaa acquired an 18.51% stake in Indian skincare brand Earth Rhythm.[49] It acquired a majority stake in Earth Rhythm in November 2024.[50]

Nykaa marked entry into dietary supplements with 60% acquisition in April 2022. And acquired balance stake of 40% in 2025.[51][52]

Content platforms

Nykaa hosts beauty and fashion content its YouTube channel, Nykaa TV. It contains informational videos about beauty, cosmetics, and styling.[53]

Since 2018, it has been hosting an online community of beauty and fashion enthusiasts via its Nykaa Network. In 2020, it launched a web miniseries called The Beauty Bar. Nykaa also hosts Beauty Book, a beauty and fashion magazine.[citation needed]

Other activities

Since 2015, Nykaa has hosted the ‘Nykaa Femina Beauty Awards’ in partnership with women’s lifestyle magazine Femina (India).[54]

In 2019, Nykaa Fashion launched ‘The Power List’ in partnership with Vogue India.[citation needed]

Criticism

Security issues

On 18 November 2019, an API flaw was detected in Nykaa Fashion’s internal systems that allowed a potential attacker to log in to any user account if the attacker had access to the user’s email ID.[55][56] Consequently, the company fixed the security vulnerability.[55]

Corporate governance

In November 2022, Nykaa issued 5:1 bonus shares to coincide with the expiry date of pre-IPO shareholders’ lock-in period. The bonus issue resulted in the company’s corporate governance practices receiving heavy criticism, with questions raised over the timing and motive of the issuance along with concerns of market manipulation and tax avoidance.[57][58] Later that month, CFO Arvind Agarwal resigned from the company,[59] even as the Securities and Exchange Board of India began scrutinizing the allotment of bonus shares.[60]

In February 2023, defending the bonus share issuance, CEO Falguni Nayar, a former investment banker, claimed that the company had “assumed shareholders would be able to start trading the bonus shares within 4-5 days of the shareholder voting on the issue.”[61]

See also

References

  1. ^ “Anchit And Adwaita Nayar: Grooming For Glory”. Forbes India. Retrieved 6 May 2022.
  2. ^ “Nykaa IPO: Alia Bhatt, Katrina Kaif earn 10X returns from investments”. cnbctv18.com. 11 November 2021. Retrieved 13 November 2021.
  3. ^ “Investor Presentation Quarter and Full year ended March 31, 2025” (PDF). FSN E -Commerce Ventures Limited. Retrieved 28 September 2025.
  4. ^ “Nykaa plans to open 300 stores to drive offline growth: Falguni Nayar”. The Economic Times.
  5. ^ “Falguni Nayar, Founder Of India’s First Woman-Led Unicorn Nykaa: Profile”. NDTV.com. 28 October 2021. Retrieved 5 November 2021.
  6. ^ “Nykaa IPO to open for public subscription on October 28, sets price band of ₹1,085-1,125 a share”. The Hindu. 22 October 2021.
  7. ^ “Get A Glimpse Into The Mind Of Falguni Nayar, The Woman Behind The Force That Is Nykaa”. iDiva. 8 March 2017. Retrieved 14 November 2021.
  8. ^ Kapur, Mallika (24 March 2017). “Falguni Nayar: The beauty entrepreneur”. Live Mint. Retrieved 2 April 2020.
  9. ^ “Shades in Beauty Space: Falguni Nayar”. Economictimes.indiatimes.com. Retrieved 7 March 2013.
  10. ^ “Nykaa reveales its omni-channel content and guided selling strategy”. ETBrandEquity.com.
  11. ^ Lall, Pavan (19 April 2019). “Nykaa bets big on fashion, offline stores with eye on Unicorn tag”. Business Standard India – via Business Standard.
  12. ^ “Nykaa launches Nykaa Network to boost interactivity”. FashionNetwork.com. Retrieved 17 November 2022.
  13. ^ “From startup to beauty giant- How Falguni Nayar built a $5.39 billion empire – CNBC TV18”. CNBCTV18. 3 March 2025.
  14. ^ Sai, Ishwar (1 April 2020). “Nykaa raises Rs 100 crore from existing investor Steadview Capital”. Business Standard. Retrieved 1 April 2020.
  15. ^ “Max Ventures and Industries acquires 2% stake in Nykaa”. The Times of India. 9 December 2016.
  16. ^ “Fidelity invests in Nykaa via secondary shares”. Moneycontrol.
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  18. ^ Srinivasan, Supraja. “Nykaa joins party in men’s grooming”. The Economic Times. Retrieved 24 May 2021.
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  20. ^ IN, FashionNetwork com (9 December 2020). “Nykaa Fashion goes offline with its first store in Delhi”. FashionNetwork.com. Retrieved 24 May 2021.
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  24. ^ “Nykaa Fashion starts offline expansion, first store to open in Delhi’s Ambience Mall”. www.businesstoday.in. 4 December 2020.
  25. ^ Ganguly, Payal. “Nykaa decks up to woo Indian beauty market with more products and services”. The Economic Times.
  26. ^ “Beauty startup Nykaa plans $3 billion IPO this year – ET Retail”. ETRetail.com.
  27. ^ Dalal, Avanti (29 January 2021). “Everything you need to know about the new Nykaa Luxe store in Mumbai”. Vogue India.
  28. ^ “Nykaa to expand offline presence”. Deccanherald.com. 25 June 2017.
  29. ^ “Nykaa, Apparel Group to open 70 Nysaa stores in 5 years: CEO Falguni Nayar”. The Financial Express. 19 March 2024.
  30. ^ “Nykaa launches new category Nykd All Day – Featuring Athleisure, Leisure & Activewear exclusively on Nykaa Fashion”. 15 April 2021.
  31. ^ “Nykaa Fashion acquires Pipa Bella to strengthen jewellery category”. The Economic Times. Retrieved 24 May 2021.
  32. ^ Staff Writer (12 April 2021). “Nykaa Fashion acquires online jewellery retailer Pipa Bella”. mint. Retrieved 24 May 2021.
  33. ^ “Nykaa expects private label revenue contribution to double in 2017–18”. Livemint.com. 16 December 2016.
  34. ^ Verma, Shrutika (9 March 2016). “Nykaa looks to raise Rs 100 crore, expand private label offerings”. Livemint.com. Retrieved 29 June 2018.
  35. ^ “Nykaa Beauty enters the essentials category”. The New Indian Express. 7 July 2020.
  36. ^ “Masaba Gupta collaborates with Nykaa to launch fragrance collection”. The New Indian Express. 20 June 2020.
  37. ^ Bhattacharya, Ananya (24 October 2019). “Nykaa was an obvious choice for Katrina Kaif over Amazon and Flipkart”. Quartz India.
  38. ^ “Katrina Kaif finally reveals her much-awaited makeup line on Instagram”. Vogue India. 16 October 2019.
  39. ^ “Exclusive: Beauty e-tailer Nykaa acquires women styling platform 20Dresses.com”. Techcircle. 22 March 2019.
  40. ^ “Nykaa Fashion acquires jewellery brand Pipa Bella”. cnbctv18.com. 12 April 2021. Retrieved 24 May 2021.
  41. ^ “nykaa: Nykaa buys skincare co Dot & Key | Bengaluru News – Times of India”. The Times of India. TNN. 23 October 2021. Retrieved 23 May 2022.
  42. ^ “Nykaa Boosts Stake In Dot & Key To 90%, Acquires Majority In Earth Rhythm”. BW Disrupt.
  43. ^ Thathoo, Chetan (11 September 2022). “Nykaa Completes 100% Acquisition Of Digital Content Platform Little Black Book”. Inc42 Media.
  44. ^ “Falguni Nayar optimistic about Nykaa’s global expansion, sets sights on GCC market”. The Economic Times. 11 February 2025.
  45. ^ “How Nykaa became the go-to launchpad for global brands”. The Financial Express. 13 May 2025.
  46. ^ “Nykaa & Apparel Group Agreement | APPAREL GROUP”. Apparelgroup.com. 7 October 2022.
  47. ^ “Nykaa Penetrates The Gulf Countries. Through Its First International Corporation With An Apparel Group”. Inventiva.co.in. 8 October 2022.
  48. ^ “Apparel Group and Nyka forge alliance”. Gulf News. 7 October 2022.
  49. ^ “Nykaa acquires 18.51% stake in beauty brand Earth Rhythm for Rs 41.65 crore”. Moneycontrol. 22 April 2022. Retrieved 22 April 2022.
  50. ^ “Nykaa acquires majority stake in clean beauty brand Earth Rhythm”. Business-standard.com.
  51. ^ “Nykaa parent to take full control of Nudge Wellness”. Storyboard18.com.
  52. ^ “Nykaa to acquire balance 40% stake in Nudge Wellness for Rs 15 lakh”. The Economic Times. 12 August 2025.
  53. ^ “Nykaa Adopts 360-degree Marketing Strategy To Promote Products; But Influencers Play A Vital Role”. Moneycontrol. 4 December 2020.
  54. ^ “Nykaa and Femina host the Nykaa Femina Beauty Awards in Mumbai”. Timesofindia.indiatimes.com.
  55. ^ a b Kar, Sanghamitra. “Nykaa fixes a data security bug”. Economic Times. Retrieved 3 December 2019.
  56. ^ “Flaws in code put customer data of four consumer internet platforms at risk”. Live Mint. 17 November 2019. Retrieved 3 December 2019.
  57. ^ “Nykaa’s bonus issue | What does it mean for the company’s corporate governance record?”. Moneycontrol. Retrieved 23 January 2023.
  58. ^ “Nykaa’s bonus issue | Independent directors’ failure is galling: Fraud-investigation expert”. Moneycontrol. Retrieved 23 January 2023.
  59. ^ Rudra, Tapanjana (22 November 2022). “Nykaa’s Chief Financial Officer Arvind Agarwal Resigns”. Inc42 Media. Retrieved 23 January 2023.
  60. ^ “Nykaa, Easemytrip bonus shares’ issue under Sebi scanner: Report”. Business Today. 24 November 2022. Retrieved 23 January 2023.
  61. ^ “Nykaa chief Falguni Nayar stands by bonus issue, but admits error in trading strategy”. Moneycontrol. Retrieved 14 February 2023.

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