14 September 2022, Mumbai:
One of Nykaa Fashion’s big strategies has been about bringing the world’s best brands to India.
So the strategy is about bringing the right product to the Indian consumer and this is true, especially for beauty and fashion products. Nykaa has eleven private labels. The strategy is not to treat them like private labels, but as brands in their own right. A lot of these private labels don’t have the word Nykaa and have their own life.
So they sell on other platforms, in stores, and often have their own stores. The company is very bullish on private labels, which are already in double digits in terms of share of the fashion business.
Nykaa is set to add new western wear brands to its portfolio of ethnic and western apparel. Global Store, run by Nykaa, has brands from Turkey and the UK. More brands will be added to Global Store. Similarly, Hidden Gems is a curation of homegrown Indian wear. A year ago, Nykaa launched a men’s collection.
Nykaa Fashion is owned by FSN E-commerce Ventures and contributed 25 percent to FSN E-commerce Ventures’ consolidated gross merchandise value in fiscal ’22, up 16 percent from fiscal ’21.
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