Women in Leadership | Falguni Nayar
Nykaa, an e-commerce platform that’s now a household name, is likely a familiar space for many of us today. Whether we’ve browsed through the website or app or made a purchase, Nykaa has undoubtedly touched many lives. Yet, how many of us are acquainted with the brilliant mind behind this transformative idea? Meet Falguni Nayar, the CEO of Nykaa, who has played a pivotal role in making our lives more convenient through this wonderful platform.
- Former investment banker Falguni Nayar quit her job to start Nykaa, a retailer of beauty products in 2012.
- Nayar took Nykaa public in November 2021, becoming India’s richest self-made female entrepreneur in the process.
Nykaa — Falguni Nayar’s baby at 50
Let’s explore the journey of Falguni Nayar —
/. From an early age, her parents ingrained in her the virtues of hard work and perseverance. Her father, a chemical engineer, and her mother, a schoolteacher, fostered her curiosity and urged her to aspire for lofty dreams.
/. Ms. Nayar grew up witnessing her father manage a small bearings company, which left her fascinated and inspired by the world of business and the marketplace.
/. She earned her Bachelor’s in Commerce from Sydenham College of Commerce and Economics and went on to pursue her Master’s degree at the Indian Institute of Management Ahmedabad.
/. In 2009, at the age of 46, Falguni harbored a desire to embark on an entrepreneurial journey, a sentiment quite contrary to the occasional mid-20s urge to throw in the towel!
/. In that pivotal year of 2009, at the age of 46, Falguni aspired to launch her own company.
/. Despite dedicating two decades to her career at Kotak Mahindra, she realized her burning passion for entrepreneurship and the drive to establish her own business.
“I’m an adventurer,” she says. “I was never a good swimmer but I would always be the first to jump in. The thought, what if I break a leg?, doesn’t occur to me,” she further added.
/. In April 2012, leaving her ‘ideal’ life behind, Falguni Nayar gave herself the tag — CEO of Nykaa. “People thought I was crazy,” said Nayar
/. A true aficionado of cosmetics and beauty products, the visionary founder of Nykaa identified a gap in the Indian market for comprehensive beauty retail stores. Fueled by this vision, she set out to create her own retail empire, offering a diverse range of beauty products under one roof.
/. It was in 2013 that the company became popular, and the sales graph saw an upward trend. Consequently, Nayar’s daughter joined hands with her and quit her job to become a part of Nykaa’s team.
/. With an ever-rising net worth, Falguni Nayar (Nykaa Founder) was honored to be on the “Most Powerful Women Entrepreneurs” list in 2016.
/. In 2020, Nykaa became the first-ever Unicorn in India, initiated and led by a woman.
Nykaa is made from the Sanskrit word ‘Nayaka’, which means being in the spotlight. The name proves itself in 2023, as Nykaa has single-handedly become India’s largest online cosmetics seller.
Deep Diving into Nykaa and Falguni Thought Process
<> From a modest upbringing to leading one of India’s most successful e-commerce ventures, she exemplifies the spirit of entrepreneurship.
<> Recognizing the deficiencies in Indian beauty stores regarding quality and customer convenience, Falguni Nayar strategically entered the market, seizing the opportune moment. She innovatively crafted an omnichannel interface that revolutionized user experience, providing customers with a unique and unparalleled journey.
<>Bridging the gap and changing the way women shop, she has successfully curated more than 850 brands and 35,000 products
<> The company has established a significant presence in numerous cities, boasting 17 stores across India.
<> Nykaa offers two distinct store formats — Nykaa Luxe and Nykaa On Trend.
<> Falguni Nayar Nykaa has now become a singular identity in the market. The brand’s association with its founder is deeply engraved everywhere and is a result of the passion she had for her dream
<> Nayar believes that women need to allow the spotlight of their lives to be on themselves. “I hope more women like me dare to dream for themselves,
<> I wanted to stand for those women who want to be beautiful for themselves, not for men or other women. Indian women were ready for that and that’s why they related to Nykaa,”
This brand has come a long way from selling merely 100 orders in the first year.
Lessons to learn from Falguni Nayar :
- Great minds do not bother about age. Great minds focus on idea, and how to execute it.
- Not only Falguni Nayar, but this is a lesson which I have heard from all leaders including cricketer — always believe in yourself. If you can believe in what you can achieve, then you can
- Adapt to changing times. We expected our parents to change but we do not have patience to listen every possible thing from anyone. Focus on what you have today.
- Today’s world encourages risk-taking. Embrace calculated risks even if fear lingers. Life unfolds its full potential when you dare to take more risks. Results might not be immediate; they could materialize after a while.
- Do not be afraid to experiment — Just when you thought that that was all for this brand, it came out with Nykaa Fashion.
- To be successful in one’s professional endeavours, one needs to trust their instincts. Learn to know your gut feeling — mostly it’s right.
Falguni Nayar’s story is a testament to the idea that it’s never too late to follow your dreams and make a mark in an industry you are truly passionate about. Her entrepreneurial journey and the success of Nykaa underscore the importance of perseverance, innovation, and a keen understanding of market needs.
Nayar’s brand is not just selling us beauty goods, it’s also giving us a solid girl-boss role model.
Do tell me what inspire you the most about Falguni Nayar? Waiting to hear from you in the comments.
