Nykaa CEO Falguni Nayar expects India to become world’s third largest consumer market by 2030

Beauty giant Nykaa’s parent company FSN Ecommerce Ventures’ CEO Falguni Nayar expects India to become the world’s third largest consumer market by 2030. The entrepreneur envisions India as a major growth destination for both international cosmetics businesses and her own multi-brand company. 

“India has quickly become the most preferred destination for many global brands to meet their growth ambitions,” said Nykaa’s CEO Falguni Nayar at parent company FSN Ecommerce Ventures’ Annual General Meeting, the Press Trust of India reported. “By taking an unconventional technology-first approach, we were able to disrupt and democratise both demand and supply for the industry while reaching over 98% of the market.”
 
While Nayar sees India as a destination for global businesses, she is also keen to expand her own operations into international waters. As part of a joint venture with retail business Apparel Group, Nykaa plans to open its first international store before the end of this calendar year, India Retailing reported. 

For its own international expansion, Nykaa is eyeing the Middle East as a firm starting point. The Gulf Cooperation Council has a beauty and personal care market valued at over $30 billion and is still in the early stages of e-commerce adoption. With a large South Asian population, the area has already drawn a number of Indian fashion and beauty businesses.  
 
“Nykd [private label lingerie brand] and 20 Dresses (western wear brand) have now become sizeable, crossing Rs 85 crore and Rs 150 crore in GMV ‘gross merchandise value] sales for FY23 respectively,” said the business in a statement at the AGM, the Press Trust of India reported.