Nykaa chairperson and MD Falguni Nair has set many benchmarks with the listing of Nykaa. On this occasion, Falguni Nair had a special conversation with Moneycontrol. In this conversation, he threw light on the journey of Nayaka.
Falguni Nair said in this conversation that not much has changed for me personally since the inception of Nayaka in the year 2012. At Nykaa, our entire team is working towards the dream of creating a great brand that can create a niche in the minds of our customers and thereby build a sustainable business for ourselves. This is the motivation for us that motivates us to work. The price tag is not of much importance to us.
He said that the beauty and fashion business in the country like ours is still at an early stage of development. It still has huge potential for growth. Investors are of the view that going forward, the company’s sales and profits will see manifold growth on the back of the economies of scale and this is the reason why Nykaa has been receiving such huge response from investors.
Talking about the company’s business and its expansion, he said that we entered the fashion segment 2.5 years ago. During this time it has seen very fast growth. We are taking a completely different approach in the fashion segment as compared to the present market. We are bringing such products and brands on our platform which fall in the premium segment and which are in trend.
We believe that the confidence of the Indian consumer is increasing towards premium quality products. This is also confirmed by the consumer trends coming to our platform as the share of fashion in our GMV has increased to 25 per cent at present.
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In this conversation, he said that for companies like ours, adding new customers is a very important and difficult task. The market reach of e-commerce companies like ours is still very less but we believe that with the passage of time more customers will join us.
He also said in this conversation that both growth and profits are important for us and we will try to achieve both. In this conversation, he further said that since the beginning of the festive season, there has been a spurt in demand and with the beginning of the wedding season, we will see the demand continuing to pick up.
For the past several years, we have been seeing that the second half of any year has been better than the first half from our business perspective.
In this conversation, when he was asked that it is generally believed that the ability to take risks at a young age is high. But what do you have to say on this, when you laid the foundation of Nyka at the age of 50, he said that I have worked as a professional for a long time, I have learned a lot from this, which was useful in the establishment of Nyka. I always wanted to be an entrepreneur and believed that at a certain age, I would have more ability, commitment and time to start a business.
Around 2009, my desire to start my own venture intensified, and that’s when the seeds of Nykaa were planted. I am proud of what I did. This makes it clear that gender, age, background, education are not any barriers that can stop you from doing what you want to do.
In this conversation, when she was asked if you think that starting a business at an older age helps women, she said that in my case it is not so but sometimes I feel that women are in their mind. I keep such things, it is not necessary that it is true. At present, there are many women entrepreneurs who take care of their business as well as their children.
Did you get any advice or advice from Uday Kotak in this journey? Responding to this question, Falguni Nair said that I did not ask him anything about this but I got to learn a lot while working with him and watching him. The first of these is that corporate governance is important for any company. The second lesson is not to do anything that is not financially sustainable. These are all such things which I learned from Uday Kotak itself.
Significantly, in the last 9 years, Falguni Nair has made only one tweet on Twitter. Responding to a question related to this, she told Moneycontrol that there is a lot to achieve on social media but I am the way I am, I cannot change it. I believe that being active on social media requires a lot of time and effort but I am someone who wants to spend my time in a different way. Statistics motivate me. If I have a spreadsheet in front of me, then most of my time is spent in scrutinizing these figures. More important is that you do what you like.
Talking about the banging listing and success of Nykaa, she said that I do not express my emotions openly but today is a very important day for us. I am proud of the fact that I have created such a company which has received such an overwhelming response from the investors.
In his message to the new entrepreneurs, Falguni Nair said that starting any venture requires a passion. It takes hard work, determination and time. It also takes a long time for any enterprise to get a foothold. Success can be achieved only by keeping all these things in mind.
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