Falguni Nayar : The Woman Who Redefined Beauty
Picture this:
You are in your 50’s. You have a well-accomplished career and have earned yourself a high-paying job. Still, a part of you seems missing. There is an unfulfilled dream. A voice inside you urges you to chase that dream. What will you do? Will you quit everything and listen to your calling? Will you take the plunge?
Falguni Nayar took.
At 50, when most people make retirement plans and think about going for long vacations, Nayar embarked on her second innings. Quitting her stellar career, she started to pursue her dream. Her keen observation of the market and its shifting trends guided her on her entrepreneurial journey. Thwarting gender discrimination and going against all odds, Nayar channelized her inner strength and launched ‘Nykaa’ — the online hub of beauty and wellness products.
Morning Shows the Day:
A Gujarati by birth, Nayar was born and raised in Mumbai, Maharashtra. Her father possessed a bearing company. Hailing from a business background, the seed of business was sowed in her mind during her childhood. From a very young age, she developed an interest in trade and commerce.
In her own words, “Retail is all about detail.”
Growing amidst a business environment encouraged her to explore different aspects of a business. Her formative years introduced her to all the details of the business world. These initial days of her life greatly influenced her entrepreneurial venture later.
The Kotak Connection:
After completing her graduation from IIM (Ahmedabad), Nayar worked in A F Ferguson and Co. as a manager for 8 years. Following this, she joined Kotak Securities and eventually was the director and head of the Institutional Equities Department. She skillfully managed the internal operations in both the UK and the USA.
After working with Kotak Securities for more than a decade, Nayar achieved the prestigious position of the Managing Director of Kotak Investment Banking in 2007. Her talent, knowledge, and expertise gave her immense success in the banking sector.
Beauty Redefined:
The year was 2012. Nayar realized that there is a stark scarcity of good beauty retailers in the Indian market. She also observed that most of her friends purchased beauty products from online e-commerce websites that sold everything under the sun! By successfully merging these two, she introduced her unique platform. She blended creativity with innovation and breathed life into the Indian beauty industry. Nykaa was launched to offer an impressive selection of skincare, make-up, hair care, personal care, fragrances, and wellness products, catering to both male and female customers.
Nykaa entered into the market with its sole focus on beauty and wellness products. This beauty-specific approach placed the company a step ahead of the other online marketplaces which dealt with large varieties of items.
The reason behind the birth of Nykaa is well reflected in Nayar’s words:
“I wanted to stand for those women who want to be beautiful for themselves, not for men or other women.”
Today, Nykaa is the most loved and preferred platform that people tend to explore while searching for cosmetic products online. From items of feminine hygiene to international product ranges, Nykaa houses them all.
Nykaa has changed the way Indian men and women perceive beauty today. With 68 physical stores and more than 1500 domestic and international brands, it is one of India’s leading beauty retailers. Presently, Nykaa has a range of cosmetics and personal care products. It has also launched Nykaa Network, Nykaa Design Studio, and Nykaa Man.
A Guiding Light:
The name ‘Nykaa’ has its origin in the Sanskrit ‘nayaka’, meaning ‘one in the spotlight’.
Through her unfaltering dedication and hard work, Nayar was able to turn all the spotlights towards her. Nayar was listed as one of Asia’s Power Business Women’ (2019) by Forbes Asia. She also received the ‘Businesswoman of the Year’ Award at The Economic Times Awards for Corporate Excellence (2019).
To her, Nykaa is not just an entrepreneurial dream. It is an image of every Indian woman, who is determined, fearless, and passionate about carving out an identity of her own. Nykaa is an attempt to support and encourage women of all ages to rise above their difficulties and steer the wheels of their fortune towards success. Nayar opines that, with proper education, the right training, and adequate guidance, women can outshine their male counterparts.
Nayar’s spectacular journey is an inspirational tale. It proves that age is just a number. You can start a new phase at any time and rewrite the story of your life afresh.
Even after scaling such heights and achieving so much in life, Nayar believes,
“This is just the beginning of a journey. We reached some distance and there are still miles to go.”
So, to every budding female entrepreneur out there, believe in yourself, work hard, and continue to strive for excellence. Harbour confidence and nurture a positive self-image to break the existing norms and stereotypes. Let nothing stand between you and your dream.
