Artistry of Wellness & Beauty Industry, Falguni Nayar
Entrepreneurship is an endeavor that requires bravery. Experience and age are not disadvantaged. It's challenging to Falguni Nayar when discussing female business owners in India. Ms. Nayar, raised around her father's small firm, quit her job as Kotak Mahindra Capital's managing director at 50 to launch her own company from the ground up. That's how a future unicorn was born. In India, one of the top CEOs is Falguni Nayar. The entrepreneur with founding the online "Nykaa" platform for beauty and well-being. She beats Biocon founder Kiran Mazumdar-Shaw to become the wealthiest self-made Indian woman on the IIFL Wealth Hurun India rich list, published in September 2022.
It's improbable that many people will decide to leave their employment at age 50 and launch a new business. This demands a lot of time, faith, guts and devotion. Falguni Nayar proved that she was prepared to put in the effort necessary to succeed in such a situation by quitting her job and starting Nykaa. After earning her degree from IIM Ahmedabad, Nayar spent over two decades working for the Kotak Mahindra Group. She concentrated on KMG's international activities in the UK and the US while working there as a merchant and venture investor. Oversaw the institutional equities branch in this place. It was in charge of saving the group a tonne of money by the time she was hired as managing director in 2005.
The Moist Beginning
Nayar decided to switch up her career in April 2012 and added "Nykaa's CEO" to her resume. It was weird that she wanted to change the direction of her career. Nayar, though, has been monitoring the expansion of India's online retail sector. She decided to focus on the beauty industry since she liked makeup and recognized its potential for the retail internet market. She looked to business leaders like Ronnie Screwvala of UTV and Ajay Bijli, CEO of PVR Cinemas, for inspiration and decided to base her company in Bombay, where she was born and raised. She gained confidence from being exposed to her father's modest bearings business and believed she had what it takes to be a successful entrepreneur. Growing up, she was constantly around her family as they talked about the stock markets and trade.
Falguni had the Nykaa dream for a while, but she could only expand the company when she had free time. After her twin daughters Anchit and Adwaita left for college abroad, she began spending more time with Nykaa. She quit her job at Kotak and took the risk to launch Nykaa since she set a deadline of 50 to start this business. The Indian beauty market was fragmented when Nykaa made its debut. Men's beauty products did not have the large selection they do now, and brick-and-mortar establishments did not carry the same variety. But Nykaa offered Indians a distinctive assortment of inexpensive brands alongside rare and luxury brands, as well as products free from animal testing and similar things, all under one roof.
Away from the Beaten Route
Falguni Nayar was ultimately motivated by her passion for makeup and her realization that the Indian market needs an online cosmetics and wellness platform. Her passion is Nykaa, which in Sanskrit means "heroine," and the motivated staff members show that she sets an excellent example. She was able to close this gap and change how Indian women purchase through Nykaa. She has overseen the duration of over 850 brands and 35,000 products on Nykaa. The company also has a physical presence, as evidenced by its 17 outlets, dispersed around several Indian cities. Nykaa adheres to one of two store formats. In addition to selling Nykaa Beauty items, Nykaa Luxe provides high-quality Indian and foreign beauty brands. Nykaa is On Trend and offers a variety of goods that are in high demand.
Nykaa, a young online beauty firm with a lot of room for growth, has successfully reached its target market of people between the ages of 22 and 35. The business has since launched private-label products in the bath and body care category as of March 2016. Charlotte Tilbury, Maybelline New York, and Lakme are just a few of the top brands offered on Nykaa. Because Nykaa uses inventory-based processes, the company maintains warehouses in Bangalore, Mumbai, and New Delhi.
Wrapping Up
Falguni Nayar has changed the environment in which her business functions in just ten years. The founder of Nykaa is now a recognized authority in the wellness and beauty industries. Her influence is throughout the organization. The future of Nykaa appears intriguing, and monitoring its development and progress will help show how far it can go. The narrative of Falguni Nayar demonstrates that anyone can achieve great success at any age through dedication and tenacity.
