Women comprise 13.76% of total entrepreneurs in our country as per the sixth economic census by the Ministry of Statistics and Programme Implementation (MoSPI). And the number is rising with time.
The role of women in society is drastically changing from being mothers at home to being bosses at work, women are rocking the scenario. And an example of a successful woman entrepreneur who turned the tables around and built an empire for herself is Nykaa’s founder and CEO Falguni Nayar.
Falguni is one of India’s powerful women entrepreneurs who launched a cosmetic online retail chain that skyrocketed and turned out to be the country’s most trusted online retail chain, let us read on and find out more about this amazing woman.
Image Courtesy: Outlookbusiness
Born on 19th February 1963, Falguni did her MBA in finance from the Indian Institute of Management, Ahmedabad. She later worked as a management consultant at the A.F. Ferguson & Co. for 18 long years and was also at the position of managing director at Kotak Mahindra.
It was after this that one of the most powerful women of 2020 in India wanted to build something from scratch. After turning 50 she realised that startup culture in our country was going to be a hit very soon and thus in 2012 Nykaa was started.
More About Nykaa
Image Courtesy: Vogue
By 2012, Nykaa was quite late in making an entry to the e-commerce cosmetic line as a startup but given Falguni’s solid experience and expertise, she was able to take Nykaa to the pinnacle of success.
In an interview with Femina Falguni said, “Today, we retail over a thousand brands, from big luxury names and niche and cult favourites to affordable, high-quality brands. We’ve also built our own label brands to fill market gaps in the country—Nykaa Cosmetics, Nykaa Naturals, and Kay Beauty, with formulations hand-picked by Katrina Kaif. We felt our customers wanted to interact with us in an omni-channel manner, and building a brick-and-mortar network across the country through over 70 stores has helped us achieve an excellent customer experience.”
As per financial reports of 2020, the startup entered the unicorn club and was able to raise $1.2 billion as funding from Steadview capital. And from a beauty retailer to a lifestyle retailer Nykaa ventured into the fashion and lifestyle world. In FY21 the fashion retailer is all set to make Rs.500 Crore revenues as per Fortune India.
Image Courtesy: forbes
The 57-year-old CEO of Nykaa, while talking about how the lockdown impacted the sales, told the said portal, “ Although business was initially impacted significantly because of the lockdown and the overall uncertainty, we quickly pivoted by adding pincode-centric personalisation capabilities. As we opened up operations, revival of demand through nationwide availability, online and offline, as well as improved supply chain and logistics led to strong revenue numbers by July.”
Apart from that, Nykaa Man was also launched to cater to the lifestyle needs of men which also worked in favour of the makers, increasing profitability and creating a name for the brand.
Elaborating more about her journey of building Nykaa Falguni was quoted by Femina as saying, “I have really enjoyed learning every aspect of the business, right from marketing and technology to operations, and seeing how all these pieces come together to create the magic we do every day.”
Thus here stands a woman who broke the glass ceiling and at an age when most people consider retiring and resting as a life choice, this woman, without caring about the stereotypes of the society, created a world of her that not only is her dream but a sustainable lifestyle tool for others.
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