Nykaa CEO predicts huge boom in Men's Beauty segment, targets 'Nykaa Man'
Nykaa Man is ready to turn into a significant business section inside the following a few years, as per Anchit Nayar, Executive Director and CEO (Beauty) at Nykaa.
Talking at the Nykaa Excellence Culmination 2024, Nayar featured the developing pattern of men's taking care of oneself and magnificence in India, communicating trust in Nykaa's capacity to increase and catch this developing business sector rapidly. Nayar featured Nykaa's preparation to catch this market, highlighting the organization's vigorous capacities and innovation framework.
"We have fabricated the capacities; the innovation exists. It's a question of client procurement," he said, communicating trust in Nykaa's capacity to recreate its outcome in the excellence and style areas with Nykaa Man. As men's magnificence acquires standard acknowledgment, Nykaa is ready to lead the charge in this developing area.
Anchit Nayar,Anchit Nayar, Executive Director and CEO (Beauty) at Nykaa says, "If you look at some other markets, like South Korea, or even European and US markets, there is clearly a growing trend for beauty among men”.
“There’s no reason why Nykaa Man cannot be a very big business”, he added.
Nykaa has projected a vigorous income development of roughly 22-23% year-over-year for the first quarter of FY2025. Additionally, the consolidated entity anticipates a year-over-year increase in its Gross Merchandise Value (GMV) in the mid-twenties.
Recently Nykaa announced that it will introduce vertical-wise segmental reporting beginning this quarter. The Nykaa Man beauty and personal care (BPC) business, the eB2B distribution company "Superstore by Nykaa," and the online beauty platform Nykaa will all be part of the Beauty segment.
