India-based cosmetics and trend retailer Nykaa has introduced plans to enhance its physical store network to 300 retailers, greater than thrice its present quantity.
The retailer is focusing on 100 cities as a part of its technique to increase its offline presence in India.
It has not but disclosed the timeline for this plan.
Nykaa at the moment operates 84 physical shops throughout 40 cities in the nation.
In an interview for the Reuters Next convention broadcast, Nykaa founder and CEO Falguni Nayar stated: “The process of store expansion had slowed down due to the Covid-19 pandemic for a year or so, but this year we have revived our store rollout.”
Nykaa primarily operates as a web based platform, promoting merchandise from world manufacturers.
Nayar stated that by way of its offline shops, the retailer goals to goal customers preferring to contact and really feel merchandise earlier than buying.
The firm had recognized this shopper section as an necessary facet of its enterprise.
Although e-commerce corporations have seen fast development in the nation’s retail market, many consumers nonetheless want to buy merchandise from physical shops.
Nykaa is aiming to goal India’s cosmetics and trend market, which is at the moment valued at $70bn.
Last month, the retailer reported a 96% drop in its quarterly revenue due to the pandemic, as work-from-house guidelines had lowered the demand for cosmetics and attire.
The market is anticipated to return to development as Covid-19 restrictions are eased and the nation’s competition and marriage ceremony seasons achieve tempo.
FSN E-Commerce Ventures is backed by non-public fairness companies reminiscent of TPG and Fidelity.
Nykaa sources a number of merchandise from Europe and intends to export extra merchandise from its personal manufacturers to the UK and Middle East.
In October, the corporate debuted on the inventory market with a worth of just about $14bn.
In July, Indian on-line retailer Flipkart raised $three.6bn to expedite its digital development in India.
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We cowl your complete spectrum of the Retail worth system – from suppliers, producers and distribution channel, all over to insights and developments throughout the globe.
Related Companies
GlobalData
We cowl your complete spectrum of the Retail worth system – from suppliers, producers and distribution channel, all over to insights and developments throughout the globe.
28 Aug 2020
