Going forward, the company will enter into men’s wellness and grooming products category by creating a dedicated app called Nykaa Man.
Wellness and beauty retailer Nykaa Retail is eyeing to have 180 stores across India in the next five years. At present, the brand has 41 stores across the country.
The company further looks to add 2-3 stores in Hyderabad in the coming years as it has only one store in Hyderabad.
Anchit Nayar, CEO, Nykaa Retail, said, “By 2024, we plan to have 180 stores in top 60-80 cities across the country strengthening our presence even in tier-2 and tier-3 markets. Like in the past, we will be setting up stores that could be in the range of 800-1,000 sq ft on an average, across different locations of India.”
Going forward, the company will enter into men’s wellness and grooming products category by creating a dedicated app called Nykaa Man. Nykaa will further tap the B2B space with its new segment Nykaa Pro that will cater to professional beauticians and makeup products market.
Nykaa has achieved 113% growth in its revenues in FY18 at Rs 1,229 crores as compared to Rs 578 crore.
“As we expand our business across India with new stores, we may not be able to maintain over 100 per cent revenue growth year-on-year as these stores will be just picking up their business. In the following years, we can see some contribution coming,” Nayar added.