Nykaa Retail, wellness and beauty retailer, is looking to have 180 stores across India in the next five years. Currently, the brand has 41 stores across the country.
Anchit Nayar, CEO of Nykaa Retail, said, “By 2024, we plan to have 180 stores in top 60-80 cities across the country strengthening our presence even in tier-2 and tier-3 markets. Like in the past, we will be setting up stores that could be in the range of 800-1,000 sq ft on an average, across different locations of India.”
The company, which has one store in Hyderabad, is also planning to add 2-3 stores in the city in the coming years.
Going forward, Nykaa will foray into men’s wellness and grooming products category by developing a dedicated app called Nykaa Man. The company will also tap the B2B space with its new segment Nykaa Pro, which will be catering to professional beauticians and makeup products market.
The company has achieved 113% growth in its revenues in FY18 at Rs 1,229 crores as compared to Rs 578 crore.
“As we expand our business across India with new stores, we may not be able to maintain over 100 per cent revenue growth year-on-year as these stores will be just picking up their business. In the following years, we can see some contribution coming,” Nayar further stated.