FALGUNI NAYAR: THE BEAUTY MAVEN WHO REDEFINED INDIAN RETAIL

In an industry long dominated by global giants, Falguni Nayar has carved a distinctly Indian path

Falguni Nayar

The founder and CEO of Nykaa had spoken to young entrepreneurs in Mumbai about belief over disruption, emphasising that “identifying what’s missing in people’s lives is already half the business built.”

At 50, she had chosen reinvention over security, leaving a successful investment banking career to merge business acumen with purpose — creating a platform that made beauty accessible, aspirational, and authentically Indian.

From Finance to Fragrance

Born into a Gujarati business family, Nayar had studied at Sydenham College and IIM Ahmedabad before spending nearly two decades at Kotak Mahindra Bank, where she led billion-dollar deals. Yet behind that precision lay a curiosity about human behaviour and emotional buying.

In 2012, she turned that curiosity into conviction — founding Nykaa (from Nayaka, meaning “one in the spotlight”). At a time when India’s beauty retail space lacked structure, she built a brand anchored in trust and transparency.

Building Beauty with Integrity

With ₹2 crore in personal savings and 60 brands, Nykaa began as an online-only venture, holding its own inventory to ensure authenticity. Three years later, the brand opened its first store — recognising that in beauty, experience mattered as much as access.

By FY25, Nykaa’s revenue had grown 24% year-on-year to ₹7,950 crore, while its gross merchandise value (GMV) exceeded ₹15,600 crore. Owned brands like Nykaa Cosmetics, Kay Beauty, and Nykaa Naturals became growth engines, contributing over ₹2,100 crore.

Beyond Retail: A Cultural Shift

Nykaa’s 2021 IPO was a defining moment — valuing its parent company, FSN E-Commerce Ventures, at over ₹1 lakh crore and making Falguni Nayar India’s richest self-made female billionaire. Yet, she stayed rooted in her mission to elevate Indian beauty standards and champion homegrown talent.

Under her leadership, Nykaa evolved from a retailer into a storyteller — shaping how India perceives beauty and self-expression.

The Road Ahead

Falguni's objective is obvious as Nykaa looks to the next frontier: expanded reach into Tier II and III towns, more exclusive labels, and sharper personalisation via AI and virtual try-ons. By FY30, she intends to double the number of physical stores to approximately 500 and grow into 100 cities. Her mantra stays constant: expand without compromise, scale with soul.