You got a dream, you gotta protect it.’ We heard Will Smith saying this in The Pursuit of Happiness. But rarely do we see people coming out of their comfort zone at the age of 50 years and venturing out to make their dream come true. One such successful and inspirational story is that of FalguniPathak, who left a well-settled ‘ideal’ life. From being the Managing Director, Kotak Mahindra Capital Limited, Falguni took a leap of faith in 2012 and gave herself a new designation – ‘CEO, Nykaa’.
Starting as a multi-brand online beauty retailer, Nykaa has extended its business through an app and brick and mortar stores. Today, Nykaa caters to a mass audience as an independent beauty brand. Behind this hugely successful brand is Falguni’s strategy to build an entity which is not only trustworthy but also has all the facets to stand independently and confidently as a label in a highly competitive retail beauty segment.
Giving no two hoots to the naysayers and their skepticism on the scope of e-tailer selling in India, FalguniNayar opted to ignore the risks. The calculated move by the entrepreneur proved to be a profitable one with Nykaa posting revenue of Rs.570 crore in the financial year 2017-18, showing an accelerated growth from Rs. 214 crore in the previous year. Through its online portal, the brand offers more than 80,000 products across 700 different brands. With a strong conviction, Nykaa, under the statesmanship of Nayar has forayed into lingerie, accessories, kids wear and men’s beauty products. This spectacular journey is a tale of conviction and resilience.
“I saw the need for a multi-brand retail format that gives unbiased advice to consumers, being able to guide them on the right products for their beauty and health concerns,” says Falguni.
Graduating from IIM, Ahmedabad, Falguni understood the need of launching a profitable business model and sustainable competitive advantage. Her foresight for online retail gave Nykaa a steadfast and staunch recall in the hearts and minds of millions of visitors, a large percentage of them returning and satisfies customers. Sustaining a complex business emancipating through technology, Nayar has tapped on latest trends and technology to build and sustain her business. Embracing all the verticals of digital marketing mediums and using a strong CRM tool to stay in touch with the customers have reaped excellent results to the brand.
‘Nykaa’ – derived from ‘Nayikaa’, which means you are the actress of your own life, is a word that aptly describes FalguniNayar and her journey of pursuing dreams to achieve phenomenal success. Her story is inspirational to millions of women who need to be at the center of their lives.
“Nykaa is derived from the Hindi word Nayika – an actress – a person of beauty. Our symbol signifies the transformation of the pupa to the butterfly. A young girl too goes through a similar transformation. The butterfly represents freedom, movement, energy, and grace,” explains Falguni, the reason behind the name of the company.
The brand Nykaa and its head honcho, FalguniNayar are examples of overpowering all odds and adversities with no magnificence cred. It was her sheer energy for work and the ability to go up in the business and rebound with vigor when things got tough. With that positivity and robustness, Falguni’sNykaa is not just offering fine products but also giving the country a strong woman entrepreneur.
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