Businesshala NEXT: India’s Nykaa looks to triple store count in retail expansion – CEO

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MUMBAI, Dec 1 (Businesshala) – Indian cosmetics-to-fashion retailer Nykaa plans to expand its brick-and-mortar stores to more than 300, founder and chief executive Falguni Nair said, expanding its offline presence in the country. significantly increasing.

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Nair declined to give a timeline for the rollout, but said the company is targeting 100 cities, adding to the 84 retail stores it already operates in 40 cities.

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“For a year or two, the (COVID-19) pandemic had slowed down the process of expanding the store,” Nair said in an interview. Businesshala Next Broadcast of the conference on Wednesday. “But this year we have revived our store rollout.”

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Although Nykaa operates largely as an e-commerce platform, selling everything from global cosmetic brands to jewellery, Nair said physical stores, targeting Indian consumers, are looking for touch-and-feel products. Wanting to buy was an important part of the business.

Despite the rapid growth of e-commerce and Amazon.com in India’s nearly $900 billion retail market, most shoppers still buy products offline.

Nykaa has said it is targeting a sub-segment of that sector — the $70 billion beauty, personal care and fashion market.

Like many other retailers, Nykaa was hit by the pandemic as work-from-home rules decimated demand for office wear, cosmetics and footwear. company last month informed of 96 percent drop in quarterly profit

But things are looking brighter as the COVID-19 pandemic eases, and India’s festive and wedding season is accelerating.

“There is clearly a revival in makeup (products) that was pre-pandemic,” Nair, 58, a former investment banker said in an interview on November 25.

Nair attracted massive public attention last month when his company launched a Glowing stock market debut With a valuation of $14 billion.

Top private equity firms such as TPG and Fidelity and Indian Bollywood stars Alia Bhatt and Katrina Kaif have financially backed FSN E-commerce Ventures (FSNE.NS), a company under the Nykaa brand.

Nykaa, which sources many products from Europe, is also focusing on increasing exports of its private brands to the United Kingdom and the Middle East.

Nevertheless, Nair said India remains a priority given the country’s massive development potential.

Nair said, many Indians “are yet to buy their first watch, first car, first home – I think India is in a very different place than other developed economies.”

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Reporting by Abhiroop Roy; Additional reporting by Chandini Monappa; Editing by Aditya Kalra and Jane Wardell

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