Brief History:
Founded by Falguni Nayar in 2012, Nykaa is an online Indian beauty brand that offers a wide range of beauty and wellness products. Formerly a managing director at Kotak Mahindra Capital Company, Falguni was extremely inspired by Sephora and was amazed to see a variety of skincare brands under one roof and decided to set up something similar in India.
The word Nykaa is derived from the Sanskrit word “Nayaka” meaning ‘the one in the spotlight’. It has undoubtedly been in the spotlight as it was successfully able to bridge the gap between high-end cosmetic brands and their demand in India.
About Nykaa:
Nykaa went completely online in the year 2015 and has been growing ever since. Covid played in their favour as there was a major increase in online shopping. Nykaa follows an inventory-based model; meaning that they already have the products bought and stored, they just deliver them to the customers, making it a faster and easier process. They brought high-end international make-up brands like M.A.C., Bobbi Brown, Huda Beauty, Morphe, and many more to India.
"I wanted to stand for those women who want to be beautiful for themselves, not for men or other women." -Falguni Nayar
They inaugurated their first brick-and-mortar store in the year 2018 and now they have 76 stores all across India. They are divided into two verticals; Nykaa Luxe and Nykaa On Trend. Nykaa started its in-house beauty brand in 2016. Once they crossed their break-even point and generated excellent revenue, they started their online clothing store; Nykaa Fashion in 2018, with 350 fashion-forward brands.
5 Divisions of Nykaa’s Marketing Strategies:
Social Media Marketing:
Nykaa launches various discounts and offers on their social media platforms. They administer their social media through four accounts; My Nykaa, Nykaa Fashion, Nykaa Beauty, and Nykaa Beauty Book. They actively engage their audience on all social media platforms. Their profiles include links that redirect them to their e-commerce website. They follow a particular pink-colored theme that is appropriate for the audience they target.
YouTube Marketing:
Nykaa’s Youtube channel has a whopping 1.2 million subscribers. They upload consumable content related to beauty and wellness, such as beauty hacks, skincare routines, and ‘how-to’ videos. They don’t promote their products on YouTube and focus more on providing information related to the field of beauty and wellness. They also run YouTube ads for their target audience and their channel is full of quality and engaging content for their consumers.
Brand Endorsements/Collaborations:
Nykaa believes in collaborating with various celebrities and influencers in order to promote their brand. Jhanvi Kapoor was announced as the brand ambassador for Nykaa in the year 2018. They believe in holding long-term relationships with their ambassadors and influencers to gain customer trust and build strong relationships. Nykaa also collaborated with Masaba Gupta and released an exclusive range of products where the packaging was designed by Masaba.
Seasonal Offers and Discounts:
Nykaa provides numerous offers and provides their customers with vouchers on making a purchase from their portal. They do not roll out their discounts but the ones provided by the brands they offer. This attracts the maximum number of audiences to Nykaa. They also provide mini versions of their products which allows the customer to first try the product, which was a hit in the Indian market as the consumers are very value-conscious.
Event Marketing:
Sponsoring events is a great way to promote your business. Over the years, Nykaa has sponsored India’s most famous beauty pageant Femina Miss India. This has helped them to build a brand image and presence in the market. It also helps gain an audience and is an excellent strategy to promote your business. Apart from Femina Miss India, Nykaa has sponsored various college events and fests and is the official beauty sponsor for Hindustan Times.
Conclusion:
Nykaa has extravagantly risen over the years, so much so that they made a place for themselves in the share market in the year 2021. They have been extremely loyal to their customers and have only proven to grow in power through these years. It is very essential that a company engages their potential audience in such a way that their shopping experience is something that brings them back repeatedly and a good marketing strategy helps keep the brand in the spotlight.
Think big but start small.
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