Virtue is a North Carolina-based hair care brand while Versed is a Los Angeles-based vegan skincare brand
Bengaluru: Homegrown beauty retailer Nykaa has launched two new cult beauty brands, Virtue and Versed on its platform, the company said in a press release on Thursday. Virtue is a North Carolina-based hair care brand while Versed is a Los Angeles-based vegan skincare brand.
Both personal care brands are available in India only on Nykaa.
Nykaa was founded in 2012 by Indian entrepreneur Falguni Nayar as a digital-first omni-channel beauty platform. The company expanded its product categories by introducing Nykaa Fashion and Nykaa Man in 2018.
In 2015, Nykaa opened its first brick-and-mortar store in Mumbai, and since then, it has expanded to over 100 stores across the country.
As of 31 March 2021, the beauty retailer has had over 19.3 million monthly average visitors, with 3,826 brands and over 2 million product SKUs available through its website and mobile applications.
Today, the same platform accounts for 38% of the online beauty and personal care market in India, according to a report by Images Group, Fynd, PWC and Strategy&. Read more about it here. In the second quarter of fiscal year (FY) 2023, it reported a 45% year-over-over growth in gross merchandise value (GMV) to clock Rs. 23,457 million and its revenue from operations grew 39% year-over-year to Rs 12,308 million in the same quarter, according to a media website.