Generally, cosmetics are considered as products that are used only for beautification, which is a flawed perception. Cosmetics have a wide range of uses from cleaning, healing, to taking care of the body. However, there is unending confusion that women face while buying cosmetics, as they do not have enough information about their body type or chemicals.
There are adverse effects of products if it is not used as they are intended to. Falguni Nayar understood this serious problem that every other woman faces and decided to solve it. She left her 25-year-old cushy corporate career, dedicating her time and knowledge to bring a revolution in the field of cosmetics in India.
After graduating from the Indian Institute of Management, Ahmedabad in 1985, Falguni started her career in AF Ferguson. In 1993, she started working in Kotak Mahindra Finance and established London office for the company. Three years later, she established company’s office in America. In 2001, she came back to India and continued working for Kotak Mahindra until 2012. After this, Falguni decided to start her own venture and came up with Nykaa, a brand related to beauty, makeup, personal care and wellness products.
This was a great effort to provide international standard cosmetics and beauty products in the Indian market for people, and particularly women. To start her endeavor Falguni left her job as a Managing Director at Kotak Mahindra Capital. She had worked with Kotak Mahindra for 19 years as an investment banker but chose to leave her finance career for stepping into a completely unknown field.
Falguni’s business skills can be estimated from the fact that Nykaa’s turnover has grown 14 times in merely two years. Company’s annual turnover grew from Rs 17 crore in 2015 to Rs 214 crore in 2016-17. The number of consumers have also increased from three lakh to 2.5 crore in these two years.
The idea of Nykaa was born in Falguni’s head when she visited a showroom of French cosmetic brand, Sephora, in New York, during one of her foreign trips. She was not very accustomed to beauty and cosmetics, but decided to venture this field. She critically observed the feedback received from her customers and worked accordingly. Soon, the number of her customers started to grow.
People started getting the product of their choice, as Falguni observed their demands. Looking at the purchasing patterns of her customers, she quickly understood their preferences and need from the brand.
Her investors also have a lot of confidence on her venture. Nykaa got funding of $2.5 million from Sunil Munjal, Harsha Maliwal, Atul Nisar, and TVS Capital. Over 350 products are available under the brand. The company is now working on its own outlets. By 2020, Falguni plans to establish 30 outlets. They have dealt with many renowned national and international companies to make best products for the Indian customers. Currently, she has 350 people in her team, including 80 graduates from IIT Delhi and Mumbai who handle the technical department.
While studying in IIM, Falguni met Sanjay Nayar and got married in 1987. Sanjay is the CEO of KKR India, a global investment firm. After Ratan Tata’s return to Tata Motors, Falguni was inducted into the Tata Motors Board of Members. She is the only female member of the board.
Today, Falguni has become a known name in the field of fashion and beauty. This is a big step in the field of entrepreneurship by women. Falguni Nayar has set an entirely new dimension by leaving behind many stereotypical beliefs and prejudices. Falguni, who used to make her every effort a success, is a symbol of courage and determination, which is true in every part of life.
