Indian beauty company Nykaa, which was in the news after a bumper stock market debut, looks to triple its brick-and-mortar stores to 300 to hike up its offline presence in the market.
The company declined to give a timeline for the rollout but they informed that Nykaa is targeting 100 cities and has already added 84 retail outlets to its spread, which operates across 40 cities.
Nykaa is largely an e-commerce platform selling everything globally from global cosmetics brands to jewelry. But the company has informed that the physical stores will be targeting Indian consumers wanting to buy products through the touch-and-feel approach.
Despite the rapid growth of e-commerce and the likes of Amazon.com in India’s near $900 billion retail market, most shoppers still buy products offline. Nykaa has said it is targeting a sub-segment of that sector – the $70 billion beauty, personal care, and fashion market.
Like many other retailers, Nykaa was hit hard by the pandemic as work-from-home rules reduced the demand for office wear, cosmetics, and shoes. The company last month reported a 96% slump in quarterly profit.