Mumbai-based fashion and beauty marketplace Nykaa, on Monday (October 5), announced that it will now offer more than 560 brands and 42K products across men’s fashion and grooming categories. The launch of Nykaa’s men fashion category comes two years after it launched Nykaa Man website and app.
Speaking on the launch, Nykaa’s Chief Marketing Officer Anchit Nayar, said, “With the launch of our men’s category of fashion products on Nykaa Fashion and our already existing grooming offer on Nykaa Man, men across India will be able to shop for all their lifestyle needs at Nykaa with a guarantee of 100% authenticity, as well as exciting content to discover new trends and products.”
The company, in its press statement, also noted that the increased penetration of social media platforms like Facebook, Instagram, YouTube and WhatsApp have exposed men to global fashion and self-care trends. The same is applicable to men in both urban and rural regions, therefore the company decided to expand its offering in this segment.
The men’s category will offer clothing, footwear, eyewear, sportswear and accessories across 60+ brands including GAP, Louis Phillipe, Raymond, Adidas, Skechers, Pepe Jeans, Hidesign and more.
Founded by Falguni Nayar in 2012, Nykaa started as an online marketplace for beauty and wellness products but started expanding its footprint to offline stores in 2015. The company currently has nearly 70 offline stores across more than 20 cities, and is looking to expand into 40 more in the coming years. As far as its online store is concerned, the company claims to be fulfilling nearly 1.5 Mn orders a month, offering over 1.5K brands and 130K products.
Nykaa has raised more than $145.9 Mn from marquee investors like Asia-focused hedge fund Steadview Capital, Lexdale, TPG Growth, Lighthouse Funds and more. The company had last raised INR 19.6 Cr (nearly $2 Mn) from existing investor Sunil Kant Munjal, one of the founder promoters of the Hero Group, in June 2020. Prior to this, the company had raised INR 167 Cr from Steadview Capital in two different tranches in May 2020.
In FY2019, Nykaa’s revenues grew 1.08X with 99% increase in expenses, thus leading to an overall profit of INR 2.31 Cr. The company is yet to post the revenues for the financial year 2020 which ended on March 31, 2020.
Nykaa competes with MyGlamm in the beauty and fashion ecommerce industry, which had acquired Delhi-based women-focused digital media and ecommerce platform POPxo in August 2020.
Post the acquisition Chiratae Ventures, Kalaari Capital, and Neoplux Venture Capital join MyGlamm’s existing investors — Bessemer Venture Partners, L’Occitane, Mankekar Family Office, and Tano Capital LLC. Sanghvi noted that POPxo’s backers will invest in MyGlamm in the upcoming rounds, but did not specify the combined valuation of the entity. You can read more about this acquisition here.