Nykaa announces partnership with three homegrown brands

On Friday, Mumbai-based Nykaa announced its partnership with three homegrown brands Earth Rhythm, Kica, and Onesto Labs Private Limited. The cosmetics-to-fashion retailer’s Founder and CEO, Falguni Nayar, has said that the company will soon start opening offline Nykaa fashion too.

Speaking on the occasion of the company’s tenth anniversary at a press conference in Mumbai, Nayar said that with the addition of these three companies the total number of companies acquired by Nykaa has reached eight

With Onesto Labs, Nykaa aims to create a new category of nutraceuticals and wellness products under Nudge Wellness Private Limited. With Earth Rhythm, which creates sustainable beauty products, Nykaa aims to achieve “the potential of the brand and addresses a growing market for products that are committed to efficacy as well as the planet,” it said. With acquiring the IP for Kica, Nykaa plans to expand its curation in the active-wear category. 

‘Building next-gen brands’

Nykaa has been on a slew of building partnerships with homegrown D2C brands for bolstering the early-stage beauty and lifestyle ecosystem, and creating the next generation of brands specialising in sustainable and inclusive products.

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“We are a multi-brand retailer for beauty and fashion. We want to get into omnichannel for beauty and fashion. But in addition to that, we want to build, what we call a consumer company that will have many more brands in our stable. I think we are in the early beginnings of that. And the same thing is in the fashion segment too,” Nayar said.

“So we can have 10 more brands in our stable work in fashion as well as beauty, but they will all be unique and we also have their positioning preserving the customer,” she added.

Since its launch, Nykaa expanded its product categories by introducing online platforms Nykaa Fashion, Nykaa Man, and Superstore. Delivering a comprehensive omnichannel e-commerce experience, Nykaa offers over 4,000 brands and over 3.1 million product SKUs through its website and mobile applications.

Nayar said that the “entrepreneurial spirit in India has never been this strong, and there is a spotlight on a breed of new-age founders who are working harder as a part of following their dream and living their passion”.

Supporting young brands

“Being a founder myself, I strongly believe in the importance of an entrepreneur’s vision in a brand’s success. At Nykaa, we want to play a small part in a movement by supporting promising young brands to catapult their journey,” she said.

Speaking about the current inflation in the market, Nayar said that it may be a short-term dampener but she believes there is tremendous growth potential in the fashion and beauty segment in India.

“We have been saying that post-Covid, we want to expand our offline retail channel. There’s a clear path to accelerate our store footprint on the beauty as well as on the fashion side as we are starting to experiment with a few stores this year. They will not be multi-brand retail but more of our brands,” she added.

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