Nykaa AGM: CEO Falguni Nayar sees India's rise as third largest consumer market globally by 2030
Nykaa parent FSN E-Commerce Ventures' CEO Falguni Nayar has predicted India's emergence as the third largest consumer market globally by 2030, asserting she is «excited» about what the future holds for Nykaa, according to a release. Nykaa, in a joint venture with GCC's retail conglomerate Apparel Group, would open its first international store before the end of 2023, the release said, adding that Gulf Cooperation Council (GCC) offers a large Beauty and Personal Care (BPC) market size of over USD 30 billion and as a region is in its early-stage journey of ecommerce adoption.
India's entrepreneurial spirit, as well as young and aspirational population makes it the «best place» to build consumer focused businesses and brands, Nayar said at the FSN Ecommerce Ventures' Annual General Meeting (AGM) 2023, according to a release.
Noting that India's per capita Beauty and Personal Care (BPC) consumption is likely to grow, the company said «this presents a significant opportunity for Nykaa», which already enjoys an annual consumption value of USD 80 per capita, over 5 times the national average.
«India has quickly become the most preferred destination for many global brands to meet their growth ambitions...By taking an unconventional technology-first approach, we were able to disrupt and democratise both demand and supply for the industry while reaching over 98 per cent of the market,» Nayar said in her speech.
Nayar said almost one-third of the GMV contribution in FY23 came from the newer businesses, with all of them being built from scratch over the last 4 to 5 years.
