Can Nykaa fight off the new competition and prove the value of its years of experience in the beauty space?
In the heyday of India’s ecommerce boom, while Amazon and Flipkart squabbled over the wider share of the market, startups cemented their places within verticals. Myntra went from selling gift items to a fashion marketplace, and Nykaa, which came about in 2012, laid claim to the beauty segment.
For the past several years, Nykaa has enjoyed the perks of that first-mover advantage, but this has slowly been whittled away in the past year. And now it has to brace for impact from Reliance’s entry with Tira, as well as other relatively smaller headwinds, departures of key leaders that threaten its core beauty business.