Nykaa Fashion launches first offline store

Nykaa Fashion has forayed into offline retail with its first store in Ambience Mall in Delhi's Vasant Kunj area. The store will open in early December. Nykaa first started as an online beauty retailer in 2012 and gradually expanded its offline footprint. Today it has 76 stores across the country.

Just like beauty stores, Nykaa Fashion will be a multi-brand store. The retailer plans to open 10-15 stores in the next couple of months. It currently has, 600 brands are listed on its online store. Over the last 12 months, the retailer’s business has grown 10x, over the last six months it has grown 6x. It plans to launch multiple marketing events and campaigns next year to increase brand awareness.

In November, Nykaa had raised an undisclosed amount from asset management firm Fidelity Investments through a secondary transaction that gave exit to some of its early investors. Nykaa had turned a unicorn in March this year after raising Rs 166 crore from Steadview Capital at a valuation of $1.2 billion.